Skip to main content

As the situation in Ukraine evolves, businesses should be mindful of potential risks to their people, assets, operations, or supply chains in the region and globally. Marsh, as part of the Marsh McLennan family of companies, has created a page with information, tools, and resources related to the Russia-Ukraine conflict. Please visit the page for the latest information.

MMA Vézina logo

Cyber

Your business requires a holistic approach for the greatest possible protection against cyber-attack or breach.

To meet your needs, we look at the whole picture including high risk areas such as network security, privacy, technology and other emerging cyber risks. With a full view of your organization, we work with you to develop and implement an actionable cyber risk plan.

$48.4

million CAD, largest payout for a single ransomware attack

$63.5

million CAD, average cost of a data breach

140

+

organizations suffered a ransomware attack in 2021

Data source:

Cyber threat bulletin: The ransomware threat in 2021

Benefits of Cyber

Beyond just placing coverage, MMA partners with our clients to understand cyber risk, prepare for and mitigate risk, respond to cyber incidents, and assist in the recovery process through claims advocacy and as a carrier liaison.

 

We are committed to helping our clients:

  • Understand by assessing and quantifying potential effects of cyber incidents using benchmarking and analytics.
  • Mitigate risk by designing and delivering a tailored insurance program that aligns with existing policies and optimizes investment.
  • Respond partnering with clients and guiding them in preparation for emerging risks, threats, and regulations in the event of an incident.
  • Recover by helping you remain operational and resilient after an incident.

 

Cyber Coverage

MMA is leading the evolution of holistic network security, privacy, and technology risk solutions.

Incident Investigation and Response Costs

This covers costs resulting from an actual or suspected security or privacy incident including hiring expert privacy law firms to determine legal applicability of and actions necessary to respond to a data breach reporting requirement, hiring forensics experts to determine the existence, cause, and scope of incident, and more.

Network Interruption/Extra Expense

We can help protect against loss of income or extra expense from a partial or full interruption of your organization’s network computer system stemming from a security failure.

Extortion/Ransomware Coverage

Rest easy knowing costs from consultants and extortion monies (including the ransom demand payment) are covered.

Data Restoration

Protect your organization from the cost of hiring an expert data restoration firm to reconstitute data or software that has been deleted, manipulated, or corrupted, stemming from a security and/or system failure.

Security and Privacy Liability

We offer peace of mind when it comes to security and privacy liability, ensuring your organization is protected should your security measures fail or sensitive information is compromised.

Additional Cyber Coverages

Media liability, privacy regulatory defense costs and fines/penalties coverage, reputation based income loss, and cyber crime.

Frequently Asked Questions

Cyber insurance helps a business return to pre-loss conditions after a cyber incident occurs. These events often involve a hacker or cybercriminal stealing or exposing sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records.

Marsh McLennan Agency cybercrime coverage assists with incidents involving data breaches anywhere in the world. These include cyberattacks on data held by vendors and other third parties and attacks on your network. Cybercrime coverage includes reputation-based income loss, cyber extortion, data restoration, network interruption or extra expense, and more.

Proactively protect your organization from various types of cybercrime, ransomware attacks, or cyber risk by choosing from our wide selection of cyber insurance policies.

In the cyber world, a ransom is a fee demanded by the cyber criminal in exchange for them to release your data back to you safely. Ransomware protection is often covered as part of a cyber liability insurance policy, so there is no standard policy to assist your business with paying large ransoms. Every attack or data restoration process is unique, depending on the cyber insurer.

However, many cyber insurers are increasingly offering standalone coverage that may be useful to businesses in industries most in need of this type of cyber defense.

Talk to one of our cybersecurity and cyber insurance and liability coverage specialists to see if ransomware protection is a viable and necessary solution for your business.

Marsh McLennan Agency’s cyber insurance policies cover a wide range of cyber-related and liability-focused incidents to help businesses recover after a cyberattack or social engineering threat.

Our network security, privacy, and technology risk solutions include:

  • Cybercrime
  • Data restoration
  • Extortion and ransomware coverage
  • Incident investigation and response costs
  • Media liability
  • Network interruption and extra expense
  • Privacy regulatory defense costs and fines coverage
  • Reputation-based income loss
  • Security and privacy liability
  • And more

Any company could benefit from some form of cybercrime insurance. However, organizations that store important data, have large customer databases, and host valuable digital assets, should prioritize this type of insurance.

It may seem like these qualifications fit most businesses because almost every company needs to protect their personal data from potential attacks, data breaches, and social engineering and cyber threats. Even if you don’t have enormous or vital information within your systems, investing in cyber security insurance is still a good idea to help protect your company, employees, and customer data.

The importance of a cyber insurance policy can’t be overstated. While reactive care is important to get your business back up and running after a cyber event or crime is committed, proactive risk management efforts are essential. Insuring your most valuable and vulnerable assets will provide peace of mind in the event of any potential issues.