New cyber insurance firm launches in Canada

Ridge Canada offers up to $500 in cyber coverage



A new cyber insurance player has entered the Canadian market.

Ridge Canada Cyber Solutions launched today, offering cyber insurance policies of up to $50 million, which are targeted towards small and mid-sized businesses.

Read: Cyber Risk Conference: Educate SMEs on the importance of cyber coverage

“Cyber risk is different from other forms of risk, so you cannot purchase reliable insurance for this 21st century risk in antiquated ways,” Tom Ridge, chairman of the company, said in a release. “Moreover, too many senior executives and risk officers are finding out that their existing cyber coverage is insufficient only after the chaos caused by a breach.”

Ridge Canada notes cyber crime has cost businesses more than $300 billion in the past year, with North American firms among the most targeted.

Read: Marsh and UK Government team up on cyber risk

 

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Transcontinental Media G.P.