How to help your clients mitigate cyber risk in 90 minutes: Victor Canada

Introducing Victor Canada’s new cyber assessment and consultation, a complimentary offering for Victor Errors & Omissions and Technology policyholders.

An increase in the frequency and sophistication of cyberattacks has left many brokers wondering how best to help their clients manage their cyber exposures.

With this in mind, Victor Insurance Managers Inc. (Victor Canada) has collaborated with cybersecurity specialist, TGT Solutions, to launch a new cyber assessment and consultation service, exclusively for your Victor clients in the E&O and Technology sectors.

This cyber assessment & consultation service* aims to help your Victor clients identify their cyber risks and ensure their business is protected from cyberattacks — in 90 minutes or less^.

“The threat of a cyberattack grows every year. Whether our Victor policyholder owns a business or is a member of a team that manages one, their company is at risk of a cyberattack and needs to consider steps to mitigate that risk,” says Kevin Auger, department leader & senior vice-president of Cyber, Technology and Errors & Omissions at Victor Canada. “The more prepared they are, the better their chances of withstanding such attacks.”

That’s where this service comes in: Through a video or phone call of approximately 90 minutes, a cybersecurity expert will work closely with a Victor policyholder to discuss their current cybersecurity operations and practices. The expert will explain the cyber exposures and the impact to their business. At the end of the cyber assessment call, the company will be provided with a:

• Customized scorecard on the effectiveness of their businesses’ cybersecurity; and
• Comprehensive cybersecurity report to help them create a cybersecurity action plan.

“We want to make it quicker, easier and more convenient for our Victor policyholders to identify and address any potential cybersecurity gaps within their organization,” Auger explains. “The cyber assessment gives Victor policyholders access to a cybersecurity expert to provide them with a better understanding of their cyber exposures and in turn, assist them to better manage, monitor, mitigate and help reduce the risk of cyberattacks.”

RISK AWARENESS + PREVENTION = ACTION

With cyberattacks surging globally and in Canada, risk mitigation and prevention becomes essential to the insurance process, to help businesses not only improve their cyber defenses but try to avoid a breach in the first place, says Robert Maxwell, president & CEO of TGT Solutions.

“The cyber assessment helps companies become more aware of risk management and the entire cyber landscape,” explains Maxwell. “With awareness comes clarity and the impetus for action grows. Stimulating their awareness and action are primary steps in augmenting risk management for their business.”

In addition to creating risk awareness, the cyber assessment is an important preventative measure for a broker’s Victor clients to consider, especially for small business owners who may not have the resources or expertise to be able to protect their businesses’ network, systems and customers’ confidential information, says Auger. “They may not even be aware of how vulnerable their business could be to a cyberattack based on their current cybersecurity practices — or lack thereof,” he adds.

Some of the most common cybersecurity gaps the cyber assessment has helped businesses identify in a cyber risk management action plan include:

• Protection of assets and data – Organizations of all sizes face cyberthreats, and small organizations often fail to realize that their assets and data are attractive to cybercriminals. An implementation of cybersecurity best practices is important to help mitigate these threats.
• Lack of employee education/awareness – Since the majority of breaches occur because of human error, education and training are key — and an employer’s best line of defense.
• Remote workers – With more people working from home and other remote locations, there’s a greater need to implement authentication processes for users including security and controls to protect companies’ servers and infrastructures.
• Failure/delays in implementing security patches – Any delays in the installation of new security patches puts an organization’s assets at risk. It is important to prioritize the installation of security patches as they become available.
• Data backup – It is vital for a company to have an offsite data backup policy in place including frequent backup and regular testing of their systems.
• Adequate cyber insurance – Businesses should obtain a comprehensive cyber policy that includes a corporate security policy, which outlines acceptable use, incident response and physical security.

“Given the increase in cyberattacks, it is more important than ever for businesses to have a proactive approach to cybersecurity,” says Victor Canada president, David Cook.

“Our commitment to bringing this important cyber assessment service to Victor policyholders is a key priority. With Victor’s brand and scale in the Canadian market, we can raise awareness among brokers and their clients regarding the need for cyber coverage and cybersecurity practices to help not only identify cyber risks but protect and better prepare them from cyberattacks,” Cook adds.

Click here for more information about the cyber assessment & consultation service — a benefit of Victor’s Errors & Omissions and Technology Insurance programs.

 

*The cyber assessment & consultation service is available exclusively for Victor Errors & Omissions and Technology policyholders. Plans are underway to extend this new offering to Victor policyholders of other insurance coverages.

^Most calls will generally take 90 minutes. The duration may be longer or shorter depending on the need(s) of the company/client. 

The cyber assessment & consultation service and additional service packages are provided solely by TGT Solutions. Victor cannot guarantee the satisfaction of these services. Any concerns with these services should be directed to TGT Solutions.

Victor only pays for the initial cyber assessment & consultation. Victor policyholders are responsible to pay for any other products or services they may wish to receive from TGT Solutions.