Canopius Group, the international insurer, has lit up the landscape with its pioneering Cannabis Cyber insurance solution. In a harmonious merger of data defense and ganja growth, the offering offers a cyber safety net to the burgeoning legal cannabis industry in North America.
Jenny Soubra, Canopius’ U.S. Head of Cyber and Tech E&O, said, “With cyber threats growing exponentially, policies that safeguard critical systems are crucial for any business. Our Cannabis Cyber coverage combines deep cyber expertise with experience serving cannabis clients already relying on us across their other insurance needs.”
This development distinguishes Canopius as one of the few insurers offering tailor-made cyber coverage throughout the cannabis supply chain. As the cannabis industry grows in the U.S., businesses in this domain are increasingly reliant on interconnected IT systems. However, they also confront a distinctive set of cyber risks. In many cases, those risks are the result of strict regulations, cash-centric retail, and a strong dependence on point-of-sale systems.
Canopius’ Cannabis Cyber coverage seeks to provide safeguards against cyber threats, network breaches, and ransomware attacks. Additionally, it addresses other digital perils that loom over cannabis producers, transporters, retailers, and technology companies.
This new addition represents a significant milestone for the company, rounding out its services specifically tailored to the cannabis sector. These offerings span property, liability, transportation, and management liability coverage.
“Major Coverage Gap”
Coleman Johnson, Chief Underwriting Officer, U.S. & Bermuda at Canopius, remarked, “This groundbreaking new cyber product fills a major coverage gap, empowering cannabis businesses to operate with confidence and continue driving growth in this pivotal emerging market. Having our integrated cannabis offerings now rounded out with tailored cyber protection is invaluable for clients who want a full-service carrier that truly understands their unique needs.”
The Cannabis Cyber coverage does not stop at merely mitigating cyber risks. It presents a comprehensive approach that covers both first-party and third-party cyber risks and legal aspects. The aim? Protect business for the entire journey, from seed to sale. Moreover, this coverage is accompanied by an extensive suite of services. They encompass proactive pre-loss risk mitigation strategies and robust post-breach response solutions. These provisions are designed to equip the cannabis industry with the necessary resources to confront and manage all facets of cyber risk. Thus ensuring a safer and more secure future in an increasingly digitized world.
Source: CANOPIUS EXPANDS CYBER AND CANNABIS OFFERINGS ADDING CANNABIS CYBER COVERAGE TO US PORTFOLIO
Other News: Cannabis Companies Not High on Cyber Insurance (Opens in a new browser tab)
