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InFocus: Cyber Risk

Cyber risk: What’s your exposure?

Cyber risk: What’s your exposure?

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Cyber risk is a very hot topic, but it’s one that is mistakenly applied to only very big companies. In reality, if you use a computer, you have an exposure and smaller companies often make better targets simply because they do not have the resources to shore up their digital defences in the way bigger companies do.

So for brokers, the cyber risk conversation provides a good introduction to educate the client on the exposures they could face. A lot of clients think that because they are not a tech company, they don’t need cyber insurance. When in truth, cyber risk touches almost everything.

Markel Canada’s standalone cyber policy is aimed at a wide spectrum of industries including; professional services, healthcare, manufacturing and industrial.

“Every business has computers. They have vendor information, customer information, employee information,” says Darlene Chin, assistant vice president, life sciences and information technology, Markel Canada, “and all of their business is done via computer.”

It is educating the client on the exposures they could face that is the first step to introducing cyber liability. “Data and technology are critical to the ongoing operations of a business. The compromise or damage of either can result in significant cyber liabilities.”

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Markel's operation in Canada, formerly known as ESR, has been in existence since 1966 and is highly respected for exceptional expertise and service. Built on a reputation of underwriting excellence and product knowledge, it partners with brokers to provide effective solutions for unique commercial liability needs. Markel Canada operates across Canada with offices in Montreal, Toronto, Calgary and Vancouver.

In October 2009, ESR was purchased by Markel International, a London based specialty property and casualty insurer and reinsurer, and a subsidiary of Markel Corporation, a US-based diverse financial holding company that trades on the New York Stock Exchange. Markel International has eight operating divisions writing business through Markel Syndicate 3000 or through Markel International Insurance Company Limited and Markel Resseguradora do Brasil S.A.

The strength and specialist expertise of Markel International further improves the ability to assist brokers in solving their customer's needs, thanks to increased proficiencies, greater capacity and a range of new products.