Welcome to LMBF Assurances
All businesses use electronic data in some form or another. Using technology — whether to manage deliveries, answer customer questions, or store financial data — is a daily function of thousands of businesses in Canada. Too few businesses recognize the importance of cyber insurance, a policy designed to protect businesses against losses resulting from the loss of their electronically stored data or data breaches. For many businesses, this coverage can mean the difference between losing hundreds of thousands of dollars and the protection you need to get back on your feet more easily. LMBF has partnered with some of the best cyber insurance providers in Canada and is confident that it can help your business get a cyber insurance plan that is tailored to its unique needs.
Cyber insurance is a commercial insurance policy designed to protect businesses that use electronic technology and data to complete daily tasks. This insurance policy intervenes in the event of a data breach, which results in financial losses for the company and, possibly, lawsuits from customers or third parties concerned. Cyber threats are evolving every day, which is why cyber insurance is a necessity for any business that uses technology.
If your business is the victim of a cyberattack or ransomware and a customer or third party takes legal action against your business because of the private information that was stolen from them or the resulting financial loss, your cyber insurance may cover the legal costs incurred, including defense costs and settlement costs.
We talk about ransomware when a cybercriminal holds a “ransom” for your sensitive data or your private client in exchange for a large sum of money. Cyber insurance can help a business recover from the burdens resulting from ransomware, including covering the resources needed to recover a business after a significant reputational damage.
Many businesses assume that they will never fall victim to a data breach because their business is too small. Unfortunately, data breaches mostly affect businesses that don't have the security resources they need to protect their sensitive data. Cyber insurance can cover costs resulting from a loss due to a hacking or data breach.
