Cyber Attack Extortion Expense Insurance for Small Business
SOHOClub Members receive an exclusive $2,500 of Cyber Extortion expense
Hackers recognize that smaller businesses are the most vulnerable to cyber attacks. Typically, small businesses, unlike large companies, have minimal technical resources and do not have the proper processes for backup and disaster recovery to protect their data. Even large companies have been hacked as has been reported in the media.
“Small businesses often more vulnerable to cyberattacks, experts say”
- Jessica Vomiero, National Journalist, Global News, June 2017
SOHO partners with TruShield Insurance to protect Canadian small businesses.
SOHO’s exclusive partnership with TruShield Insurance provides each SOHOClub Kickstart and Premium member with $2,500 Cyber Attack E-Commerce Extortion Expenses Coverage.
The cost of becoming a SOHOClub KickStart member is only $59.
What is covered in my small business?
E-commerce extortion expenses means reasonable and necessary costs, fees, money or securities paid by the “Company” (SOHOClub Member) to a third party whom the “company” reasonably believes to be responsible for an “e-commerce extortion threat”** which means a credible threat or connected series of credible threats made by a person to the “Company” where such person expresses an intention to:
- Sell or disclose “personal information” about a customer, client or “employee” of the “company”;
- Encrypt or threatens to encrypt “electronic data” on the “company’s” “computer system” preventing authorized access by any “insured person”;
- Introduce or threatens to introduce a “computer virus” into the “company’s” “computer system”; or
- Interrupt or threatens to interrupt the “company’s” “computer system” through a “denial of service attack”.
How does it work for new members and existing members?
SOHOClub Kickstart and Premium members are automatically added to a TruShield-SOHO E-Commerce Extortion Expense insurance coverage policy when joining on or after February 1, 2018.
Members that joined prior to February 1, 2018 will be automatically added to the policy at the time they renew their SOHOClub membership or they can choose an early-renewal option to be added right away.
Join SOHOClub today or if you are an existing SOHOClub member, email us to learn about the early renewal option.
*First party coverage – E-Commerce Extortion Expenses Coverage – $2,500 limit / annual aggregate
- an “approved service provider” recommends such “e-commerce extortion expenses” be paid;
- the applicable government authority(s) does not object or recommend against the payment of such “e-commerce extortion expenses”;
- such “e-commerce extortion expenses” are paid to terminate the “e-commerce extortion threat”; and
- the Insurer’s prior written consent is obtained before such “e-commerce extortion expenses” are incurred.
TruShield Insurance and TruShield Insurance logo are trademarks of Northbridge Financial Corporation, licensed by Northbridge General Insurance Corporation (insurer of TruShield Insurance policies). Terms, conditions and exclusions apply, see policy for details.
TruShield Insurance is the direct to small business insurance solution of the Northbridge family of companies, dedicated to educating Canadian business owners on the risks of running their business with industry-leading expertise.
TruShield offers comprehensive small business insurance coverage for retail business owners, professional service providers and consultants, and contractors and skilled tradespeople.
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