Cyber Guard

Insurance coverage to help protect your co-op

Support you can count on, just in case

No matter how vigilant your defence, no plan is foolproof. Designed for businesses of all sizes and across all industries, Co-operators Cyber Guard protects your co-op if your confidential data is compromised. They offer two coverage levels:

The standard Cyber Guard package – included on eligible Co-operators Business insurance policies– (Check your policy to understand your co-ops current level of coverage)
The enhanced Cyber Guard Select package – with more protection, higher limits and flexible add-ons.

Both packages include free access to claims support and emergency-response services from CyberScout^® (a Sontiq^TM brand), their trusted risk-management partner in cyber security and protection. In addition to investigating a threat and reducing its impact, their support includes filing your Cyber Guard claim and managing the claims process from start to finish. They’ll keep your business up and running with the counselling you need, as soon as you need it.

Here is some great additional information from Co-operators Insurance on the types of cyber risks your co-op may face. Here’s how to protect yourself from some of the most common security risks.

Cyber Security risk in co-ops

Cyber security risk is the potential for a loss resulting from a cyberattack or data breach at your housing co-op. A cyberattack is like a digital break-in but instead of picking a lock on a door, attackers use software and the internet to sneak into and damage your computer system, network or device—usually to steal information, cause disruption, or demand money.

Examples include:

Hacking into a system to steal data (like passwords or credit card info)
Sending viruses or malware that can damage files or spy on users
Spam (Phishing) emails that trick people into giving away personal info
Ransomware that locks files and demands money to unlock them

The risk is not only about the likelihood of a cyberattack itself but also the potential consequences of the attack, such as financial loss, reputational damage, or a disruption in the day-to-day business operations of your co-op.

Cybersecurity is important for anyone using the internet today
Everyone is vulnerable to cyberattacks
These attacks can happen to individuals, businesses, or even governments; anyone with a computer can fall victim to a cyberattack

Housing co-ops, like other not-for-profit organizations, are just as vulnerable as any large company to the risk of a cyberattack. Housing co-ops are businesses too and have a variety of sensitive information that can be exposed in a data breach. All it takes is one misplaced laptop or one click on a malicious email for unauthorized users to gain access to private or sensitive information, leading to lost or misused data that may involve:

Full names, addresses, phone numbers and emails
Credit-card and bank details
Driver’s licences
Social insurance numbers

Practical Ways to help reduce the risk of a cyber security breach

Use strong and unique passwords
Avoid using the same password for multiple accounts
Keep your software and operating systems up to date
Be cautious while sharing personal information online
Use two-factor authentication
Regularly back up your data
Participate in Cyber-security training

For more information on how to stay safe online and how to secure your accounts and devices; check with the Government of Canada’s Get Cyber Safe website. https://www.getcybersafe.gc.ca/en