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ARTICLE · 15 SEPTEMBER 2014

Help — We’ve Been Hacked! Cyber Risk Insurance And Related Legal Issues

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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.

CanadaInsurance
Belinda Bain
Belinda Bain
Mark Coombes
Mark Coombes
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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?

Types of cyber risks

Cyber risks faced by businesses today take many different forms. In addition to hardware and/or software failure, or the loss of portable devices such as laptops or smart phones, companies face increasingly sophisticated attacks from hackers. Any of these events could disable access to company websites, corrupt databases, or result in the theft of large volumes of confidential customer information. Hackers may attempt to commit fraud with the stolen data, or extort companies anxious to restore access to electronic resources. Hacking attempts, even if only partially

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