PIB Insurance Protects Companies Victimized By Costly Cyber Attacks

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Most small businesses know they need to protect themselves against cyber-attacks and have safeguards in place against potential breaches. But if hackers get past those defences and bring down their systems, PIB (Programmed Insurance Brokers Inc.) wants to make sure they’re adequately insured for resulting losses.

“PIB has made cyber-insurance a priority in an industry that favors more traditional products. Cyber coverage is still not something that a lot of brokers are talking to their clients about”, says Stephen Lewis, the director for Atlantic Canada with PIB’s General Insurance Division.

It’s a critical issue with companies small and large, as Empire Co. recently discovered. The company that owns Sobeys and several other Canadian grocery chains said the cyber attack that hit its stores last month will cost about $25 million.

Lewis says the cyber insurance PIB offers is very comprehensive, giving companies protection against a broad range of risks, including potentially costly data breaches, ransoms, and fines.

“The policies we recommend cover business interruptions from a data breach,” he says. “A lot of policies don’t cover that. When someone locks up your computer for a week, and they’re trying to come up with a plan to pay ransom, business is impacted. PIB offers a product that will pay for business interruption during that period.”

Lewis says this kind of service is crucial due to the many regulations in place for businesses that handle personal information.

“If you’re an employer or business owner storing information about customers or employees, Canadian privacy laws dictate how you have to handle that information and laws are in place governing how to respond when you have a breach, including when and how people have to be notified in the event of a cyber attack.” Lewis says.

In addition, governments must be notified of significant breaches, leading to an investigation into how businesses handle customer and employee information – which can result in fines and penalties.

“You could end up with a $100,000 fine, just because you weren’t doing what you were supposed to be doing with people’s information,” Lewis said. “A lot of people don’t know if they’re in compliance with those laws until they find out they aren’t.”

PIB puts customers’ minds at ease, by handling breeches, including paying potential fines and penalties associated with them.

Easy-to-use platform

A multi-line insurance and financial services agency, PIB has an easy-to-use online platform – the product of a collaboration with Coalition Insurance, a Canadian leader in cyber insurance and cybersecurity.

Lewis says this makes it easier to research and purchase the right insurance policy at the best price.

“We can often provide a quote directly over the phone,” he says. “There aren’t a lot of commercial insurance products where this is possible.”

He says traditional insurance companies have onerous processes that can take weeks, whereas PIB uses a streamlined process that gives their advisors the ability to provide a quote on the spot, and potentially issue a policy that day.

People-focused approach

PIB has a modern digital platform to make transactions easier for its clients, but it still prioritizes serving people in person.

“We go and out and see our clients,” said Lewis. “Our niche as a broker has always been that we go to small towns and deal with small town business owners and give commercial expertise on a level that’s often difficult to find locally.”

PIB’s cyber-insurance product is their newest offering, but PIB also offers a wide variety of commercial and individual products, like home, auto and life insurance.

Nationally licensed, PIB works with a variety of insurance carriers across Canada and a diverse number of investment firms. Customizable and versatile – the agency’s offerings fit a variety of budget and insurance needs.

“We can help clients decide how much to insure, price it and alter the offering directly on the platform, as required.  For a quick and easy quote, customers can fill out our online application and we will get right back to them.

You can find more information or fill out an online application on the PIB website.