It’s difficult to articulate how important cyber security is, not only for personal privacy, but also for business survival. Cyber criminals can pray on small, unprepared businesses. Those whose data is easy to hack into. Once the seed is planted in the victim’s data, criminals can sit and watch all activity, including password entry, behind a one-sided mirror. It may not appear to take shape for weeks or even months.
Now comes the challenging part. As seen in the haste of the video “The Hack” by Hiscox, criminals work fast and ruthlessly. Hiscox also found in 2018 that 47% of small businesses suffered at least one cyber attack in the last year. Some hackers demand outrageous amounts of money or bitcoin to give you back your data.
The risk goes further than that. Now that you have been breached, all your data and client information is in untrustworthy, dangerous hands. If you collect your client’s information such as full name, address, payment credentials, and email, you have a legal obligation to maintain the security and safekeeping of that information.
On top of it happening in Canada, effective November 1, 2018, the Digital Privacy Act was passed as law, which means that all companies that have been hacked have to report to the privacy commissioner. Failure to comply comes with some stiff penalties and a lot of grief in terms of time and energy. Many business owners are not aware how the changes to PIPEDA affects them, and the impact can be huge. If you don’t know where to start, Case Insurance Brokers Inc. can help.
Don’t let cyber crime be the weight that takes your business down. Invest in the right coverage for your business, and for your clients.
Cyber crime can happen to anyone, anytime, from anywhere. Trust Case Insurance Brokers to find you the right cyber insurance program to protect, to prevent, and in case of attack, to get your privacy back quickly.