Canopius launches cyber coverage for cannabis sector

Businesses face unique cyber threats, company says

Canopius launches cyber coverage for cannabis sector


By Ryan Smith

Canopius Group has announced the launch of a new cyber insurance product designed for the legal cannabis industry. The launch makes Canopius one of only a few insurers currently providing customized cyber coverage for the cannabis industry across the supply chain, the company said.

Cannabis companies rely on connected IT systems, but face unique cyber risks because of intense regulation, cash-based retail operations, and dependence on point-of-sale systems, Canopius said. The company’s cannabis cyber coverage provides protection against cyberattacks, network breaches, ransomware, and other cyber threats faced by cannabis producers, transporters, retails, and technology firms.

“With cyber threats growing exponentially, policies that safeguard critical systems are crucial for any business,” said Jenny Soubra, US head of cyber and tech errors and omissions at Canopius. “Our cannabis cyber coverage combines deep cyber expertise with extensive experience serving cannabis clients already relying on us across their other insurance needs.”

The new cyber coverage completes the company’s suite of insurance products aimed at the cannabis industry, including property, liability, transportation, and management liability. The coverage is designed to address both first- and third-party cyber risks and legalities in the US cannabis sector.

“This groundbreaking cyber product fills a major coverage gap, empowering cannabis businesses to operate with confidence and continue driving growth in this pivotal emerging market,” said Coleman Johnson, chief underwriting officer, US and Bermuda, at Canopius. “Having our integrated cannabis offerings now rounded out with tailored cyber protection is invaluable for our clients who want a full-service carrier that truly understands their unique needs.”

Last month, Canopius announced its expansion into the US domestic excess casualty market.

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