occurs when a business owners private information is used for fraudulent loans or crime. A perpetrator can access loans in your name just by knowing your driver’s license number or your social insurance number.
occurs when data is stolen, accidentally made public or lost.
A cyber attack
is defined as a malicious and calculated attack on a computer system or network. The purpose is to hack, disrupt, damage or gain unauthorized access to the system or unlawfully deny access to the system. Once an attack occurs, at risk is the confidential information in the system. For example:
- Credit/debit account numbers
- Driver’s license information
- Social insurance numbers
- Email addresses
- Medical and healthcare information
- Other sensitive personal information (e.g., passport numbers)
- Information about employees
- The company’s reputation
A cyber liability policy covers financial losses that result from these events.