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Desjardins Insurance has unveiled a new cyber insurance product dubbed CyberSuite Plus. It is designed to protect small and medium-sized enterprises (SMEs) from growing digital risks.
According to Statistics Canada, 16% of Canadian businesses experienced cybersecurity incidents in 2023. The rate of cyber attacks jumped to 30% for large companies. These figures, like those from many sources, illustrate the need for cyber resilience and enhanced digital risk coverage as businesses expand their technological footprint.
New Cyber Insurance for a Connected Economy
CyberSuite Plus provides targeted insurance coverage to help SMEs manage cyber threats and fraud. It includes protection for data breaches, privacy violations, cyber extortion, identity restoration, and IT fraud.
Valérie Lavoie, President and COO of Desjardins Insurance, said the product was created to support SMEs lacking dedicated cybersecurity resources. “CyberSuite Plus meets a real need,” she noted. “It’s simple, accessible, and built for today’s challenges.”
Supporting Business Resilience and Recovery
The insurance helps reduce financial loss and operational disruption after a cyber attack. The reality is that recovery and response are challenges that can demand significant expenditures. It covers essential costs related to recovery and helps businesses get back online quickly. Desjardins also offers prevention and education tools to improve cyber awareness among clients.
While insurance cannot prevent a cyberattack, like flood insurance cannot prevent a flood, the protection provides critical support when bad things come knocking at your door. In the context of cybercrime and as digital transformation accelerates, cyber insurance is becoming a standard component of business risk management.
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