2017-02-15 00:00:00SecurityEnglishRead about cybersecurity insurance, and learn why these policies can be important for small business owners in Canada.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Cybersecurity-Insurance-Covers-Losses-Resulted-From-Cyber-Attacks.jpghttps://quickbooks.intuit.com/ca/resources/security/cybersecurity-insurance/Why You Should Have Cybersecurity Insurance

Why You Should Have Cybersecurity Insurance

1 min read

Small businesses often have a lot of details about their clients. Depending on your business, that information may include names, addresses, credit card numbers, bank information, medical records, or other sensitive details. If your business is a victim of hacking, any of this information – as well as your information and your employees’ personal details – may be stolen. According to one survey, anywhere from 36 to 56% of businesses in Canada become the victims of cyberattacks every year. To protect your clients’ data, you should use a combination of firewalls and data backup software. Additionally, internal programs should have two-step authentication or other password security measures in place. If you use an app that shares sensitive information with other users over the internet, you should make sure the information is encrypted. Educate your employees on security issues, such as not using public Wi-Fi to transmit private information. However, even the best protection can fail at times. To further protect yourself and your business, you may want to look into cyberinsurance. Cybersecurity insurance covers the direct costs of dealing with an attack, such as boosting IT security or paying regulatory fines. However, there are also policies that cover you from a liability standpoint. If clients take you to court over a breach of their information, these policies help cover your legal costs.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

How to File Self-Employed Taxes

When you’re self-employed, you have different tax responsibilities than a traditional employee.…

Read more

How To Import & Track Expenses Automatically for Maximum Productivity

Manually entering business expenses and other data into your accounting software can…

Read more

Your Small Business Accounting Guide

Whether you handle your accounting by hand with a ledger or use…

Read more