587-597-5478 heather@thinkinsure.ca

Many insurance companies are including limited cyber coverage in some commercial package policies on the market today.   You need to be aware that this coverage is not intended to provide the higher levels of protection required to cover the varied cyber incidents occurring these days.

Just as you secure your premises to attempt to avoid having a loss, it’s just important to secure your IT systems.  In the event you do suffer a cyber-attack, having a solid cyber insurance policy can provide coverage for both first party and third-party losses.


First Party losses are costs that must be born by you, the insured.  This can include:

  • Breach Costs
  • Data Damage
  • Network Failure and resultant Business Interruption
  • Outside provider/cloud service provider failure
  • Cyber extortion and ransomware
  • Customer attrition
  • e-Theft


Third Party losses are those costs that you will be liable for as a result of the cyber breach:

  • (Network) Privacy and confidentiality liability
  • Privacy and network security liability
  • Multimedia Liability
  • Technology Errors &Omissions
  • Payment Card Industry Data Security Standard losses (PCI DSS

Additional costs for such expenses incurred in crisis management, fraud response, public relations and forensic and legal may also be included in the protection depending on the insurance product purchased.


Premiums will be determined based on a number of factors including:

  • Type and amounts of coverage required
  • Industry and business type
  • Size of the business
  • Type of data stored on the network
  • Risk mitigation and security measures taken by your company
  • History of cyber-attacks
  • Privacy policies

An insured loss whether it be to your physical property, a third-party liability claim or a malicious cyber event can put you out of business.

For more information about commercial insurance in Sherwood Park, feel free to contact Heather Cournoyer at heather@thinkinsure.ca or 587-597-5478.  My business is protecting yours!