If you’re running a small business in Canada, you’ve probably noticed something different about your cyber insurance policy renewal this year.
What used to be a quick form and an affordable premium now comes with more questions, higher costs, and, in some cases—outright denial of coverage.
Why? Because insurers are seeing an increase in claims from small businesses—and they’re tightening security requirements to reduce risk.
Until recently, small businesses were rarely asked about their cybersecurity posture. Now, insurers want to know things like:
Do you use multi-factor authentication (MFA)?
Do you have endpoint protection on all devices?
Do you back up data regularly—and can you recover it?
Do you train employees on phishing and social engineering?
Is someone monitoring your systems for suspicious activity?
If the answer to these questions is “no” or “not sure,” you may be facing:
Higher premiums
Reduced coverage
Delays in approval
Or flat-out denial of renewal
There’s been a sharp rise in ransomware attacks and data breaches involving small and mid-sized businesses. In fact, many cybercriminals now see SMBs as easy, under-defended targets.
Insurers know this. And they’re adjusting their underwriting criteria accordingly.
They now expect SMBs to take basic steps that reduce the risk of a claim—just like home insurers require smoke detectors and deadbolts.
Some business owners wait until after an incident to tighten their cybersecurity controls.
But here’s the problem:
Most cyber insurance policies require you to already have controls in place to qualify for a claim.
If you don’t, you may be left holding the bag—and explaining the incident to clients, regulators, or investors without support.
To maintain insurance and avoid claim denials, here are five things your business should have in place:
Endpoint Protection & Antivirus
Install and manage AI-based protection across all devices.
Cloud-Based Backups (Minimum Every 24 Hours)
Store critical business data securely and be able to recover it.
Multi-Factor Authentication (MFA)
Enforce MFA for email, cloud tools, and admin systems.
Security Awareness Training for Employees
Ensure staff know how to spot phishing and common threats.
24/7 Incident Monitoring or Managed Detection
Insurers increasingly expect some form of monitoring—even at the SMB level.
We created our Small Business Cybersecurity Solutions to deliver all of the above—without overwhelming your team or budget.
Each plan includes:
Endpoint protection + antivirus
Automated cloud backups
SOC-driven threat monitoring
Awareness training for your team
Policy templates and vCISO guidance (Gold plan)
Whether you’re renewing your policy or preparing for your first quote, we’ll help you put the right controls in place and check every box insurers are asking for.
Cyber insurance is no longer just a piece of paper, it’s a partnership. And like any good partner, your insurer wants to know you’re doing your part.
We can help you get there, stay there, and sleep better knowing you’re protected.