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Inside Internal Controls

News and discussion on implementing risk management

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Insurance Bureau of Canada

Help — we’ve been hacked! Cyber risk insurance and related legal issues

A nightmare scenario for any business: you’ve been hacked. The hackers have gained access to countless client records including credit card and other financial data. The expense of dealing with the breach, and the damage to business reputation could be crippling. How best can businesses insure themselves against this and other cyber risks, and what are the legal issues involved?

 

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Minimizing risk by having the proper insurance coverage and risk management practices

You can purchase business insurance for nearly every operation and risk your business faces. However, navigating the particularities of insuring your organization can seem daunting. Investing in insurance coverage is a necessary part of operating a sound business, whether your organization is for profit or not.

 

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