CA$6.98M
2025 average Canadian data-breach cost reported by IBM
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Cyber insurance · Canada
Cyber risk can stop a business. Be ready to respond.
Cyber insurance can help a business manage the financial and operational consequences of privacy breaches, ransomware, network attacks, cybercrime and system interruption, subject to the policy terms, conditions and exclusions.
For Canadian businesses, professional firms and technology companies. Coverage is subject to insurer underwriting and policy wording.
All sizes
Canadian organizations of every size and sector face ransomware risk
AI changes risk
AI is increasing the speed and scale of cyber threats and creating new governance exposures
Why cyber insurance
Your firewall protects systems. Insurance helps protect the balance sheet.
Most organizations now depend on email, cloud services, customer data, online banking and digital suppliers. A cyber event can therefore become a privacy, legal, operational and financial event at the same time.
Cyber insurance is designed to complement cybersecurity controls. Depending on the insurer and wording, a policy may provide first-party incident-response costs and business interruption protection as well as third-party liability arising from privacy or network security events.
Especially relevant for
Retail & e-commerceProfessional servicesManufacturingHealthcareConstructionTransportationNon-profitsFinancial servicesSaaS & softwareMSPs & IT consultants
What a policy may respond to
One incident. Several layers of loss.
01
Incident response
Forensic investigation, breach response and specialist services following a covered incident.
02
Privacy & network liability
Claims alleging failure to protect data or network security, subject to policy wording.
03
Cyber extortion
Specialist response and certain covered costs arising from cyber extortion or ransomware.
04
Business interruption
Covered loss of income and extra expense when a qualifying cyber event disrupts operations.
05
Cybercrime
Some policies can include social-engineering or fraudulent funds-transfer protection, usually with separate terms and sublimits.
06
Data & systems
Costs associated with restoring data, systems or digital assets after a covered incident.
Examples describe common market concepts only. Actual coverage depends on the insurer, declarations, endorsements, limits, deductibles and exclusions.
For technology companies
Cyber is only part of the technology risk picture.
Software developers, SaaS providers, IT consultants, MSPs, hosting providers and technology vendors can face both cyber-event exposure and professional liability when a product or service fails to perform as contracted.
- Technology errors & omissions
- Network security and privacy
- Intellectual-property allegations where insured
- Contract and service-performance exposure
- Business interruption and property options
- CGL and other package extensions where available
Claim scenarios
How a cyber incident can become an insurance claim
The examples below are illustrative, not actual Risk Care claims. Coverage depends on the facts and the policy purchased.
Ransomware + downtime
A business discovers systems are inaccessible and data may have been taken. Operations are disrupted while specialists investigate and restore systems.
Potential policy response
incident response, cyber extortion and business interruption, if covered.
Vendor-payment fraud
An employee receives convincing instructions to change a supplier’s banking information and sends funds to the wrong account.
Potential policy response
cybercrime or social-engineering coverage where expressly included.
Customer-data exposure
Unauthorized access exposes customer information stored in a cloud environment. The organization must investigate and respond.
Potential policy response
forensics, breach response and privacy liability, subject to the wording.
SaaS outage / security incident
A technology company suffers a network-security event that interrupts its hosted service and leads to customer allegations.
Potential policy response
cyber coverage and, depending on allegations, technology E&O.
Underwriting readiness
Controls insurers are asking about
The cyber application specifically asks about these controls. Strong answers may also make the submission easier to assess.
MFA for remote accessMFA for company emailMFA for sensitive cloud resourcesEndpoint protection / EDRProtected & tested backupsEmail filteringPhishing simulationVulnerability scanningPenetration testingPatch managementNetwork monitoring / SOCIncident response plan
Cyber insurance FAQ
Questions businesses ask before applying
Is cyber insurance only for technology companies?
No. Any business relying on systems, email, online banking or personal/confidential information can have cyber exposure. Technology companies may additionally need Technology E&O.
Does cyber insurance replace cybersecurity?
No. Insurance is a financial risk-transfer tool. Insurers also evaluate controls such as MFA, backups, EDR, email security and incident-response planning.
What should I have ready for a quote?
Revenue and employee count, business description, sensitive-data volumes, prior incidents, IT providers, backup practices, MFA/EDR/firewall information, security controls and desired limits.
Can cyber insurance cover ransomware?
Policies may include cyber-extortion and incident-response coverage, but the scope varies and all coverage remains subject to policy conditions, limits, deductibles and exclusions.
Request a quote
Start your cyber submission
This short form captures the initial underwriting information. Risk Care may request a full insurer application after review.
- Company & revenue
- Technology and data profile
- Core security controls
- Incident history
- Limits and attachments
Cyber risk sources
Current-risk statements on this page are informed by the Canadian Centre for Cyber Security’s Ransomware Threat Outlook 2025–2027 and IBM’s 2025 Canadian data-breach findings. Risk examples are illustrative and are not guarantees of insurance coverage.