Canadian Underwriter

‘Intelligent,’ tailored cyber insurance solution launched in Canada

September 1, 2016   by Canadian Underwriter

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David Peterson, chairman of business law firm Cassels Brock & Blackwell LLP, and U.S. Governor Tom Ridge, the first U.S. Secretary of Homeland Security and former governor of Pennsylvania, announced on Thursday the launch of Ridge Canada Cyber Solutions, Inc., “offering best-in-class informed cybersecurity assessments and bespoke cyber insurance products.”

Cyber Attack A02The cyber insurance solutions can be tailored to meet the needs of small and large organizations looking to protect their assets and brands from cyberattacks, noted a press release from Ridge Canada, a managing general insurance agency incorporated to provide cyber insurance products and loss control services to Canada’s insurance agents and brokers. The company is headquartered in Toronto under the leadership of Greg Markell, chief executive officer.

“The Ridge Canada comprehensive offering will drive organizations to better understand their risk, address deficiencies, obtain value from the cyber posture within their insurance coverage, and ensure that there are effective response services in the event of a breach,” the release said. “Lloyd’s of London supports this market-leading cyber insurance coverage, with insurance limits available up to $50 million.”

There are three products that are broadly segmented around an organization’s size and cyber resilience priorities and tailored to the individual needs of the client:

  • Enterprise Plus – focused on large-cap organizations (private and public). “A technology-focused underwriting process that will bring both cost savings, and rate flattening to large Canadian organizations”;
  • Enterprise – Mid to large cap (private and public) solution, with hybrid or traditional underwriting options available; and
  • Professional – Typically for organizations with revenues less than $50 million. Offers flexible, short-form application and access to preferred vendors in regards to claims handling.
Ridge Canada Cyber Solutions, Inc. (CNW Group/Ridge Canada)

Ridge Canada Cyber Solutions, Inc. (CNW Group/Ridge Canada)

“The packaged, customized assessment capabilities and insurance enable C-Suite executives to mitigate cyber risk, thereby closing a dangerous cyber insurance gap that often leaves companies – particularly small and mid-cap firms – vulnerable to the consequences of proliferating attacks,” the release said.

Cybercrime is a growing problem that has cost businesses around the world more than $300 billion in the past 12 months, Ridge Canada reported, with North American businesses among the most heavily targeted. “Boards of directors for financial services, retail, healthcare and energy companies, among others, will now have access to unique cyber insurance that leverages real intelligence that is sector and company specific, rejecting the ‘cookie-cutter’, process-oriented approach inherent in most cyber insurance offerings today.”

Gov. Ridge, chairman of Ridge Global, added that cyber risk is different from other forms of risk, “so you cannot purchase reliable insurance for this 21st century risk in antiquated ways. Moreover, too many senior executives and risk officers are finding out that their existing cyber coverage is insufficient only after the chaos caused by a breach. That is why we have created customized insurance solutions that we combine with segment-specific risk management. Ridge Canada’s approach provides a better solution that not only provides more reliable coverage, but comprehensive services that may reduce the need to file a claim.”

Markell said that the insurance products are a “direct result” of feedback from organizations both large and small. “With expertise on both sides of the border, and a keen understanding of the Canadian market, these solutions will again provide organizations of all sizes insurance products for their cyber needs.”