Toronto, ON (Sept. 2, 2016) – Canadian firms struggling to protect their assets and brands from the growing scourge of cyber attacks can now access bespoke cyber insurance solutions that can be tailored to meet the needs of small and large organizations. The Honourable David Peterson, Chairman of Cassels Brock & Blackwell, and Governor Tom Ridge, the first U.S. Secretary of Homeland Security and former Governor of Pennsylvania, have announced the formal launch of Ridge Canada Cyber Solutions, Inc. (Ridge Canada), offering best-in-class informed cybersecurity assessments and bespoke cyber insurance products. The packaged, customized assessment capabilities and insurance enable C-Suite executives to mitigate cyber risk, thereby closing a dangerous cyber insurance gap that often leaves companies – particularly small and mid-cap firms – vulnerable to the consequences of proliferating attacks.
“With destructive cyber attacks continuing to increase in both frequency and malicious intent, the c-suite understands how to protect against physical damage to its assets but still struggles with virtual damage, much to their peril,” said David Peterson. “That is why we have created customized insurance solutions that combine with our specific risk management and best-in-class pre-breach services. This ensures that companies and organizations create and maintain effective integrated cyber resiliency – managed to the highest level.”
Cyber crime is a growing problem that has cost businesses around the world more than $300 billion in the past 12 months, with North American businesses among the most heavily targeted. Boards of directors for financial services, retail, healthcare and energy companies, among others, will now have access to unique cyber insurance that leverages real intelligence that is sector and company specific, rejecting the ‘cookie-cutter’, process-oriented approach inherent in most cyber insurance offerings today. Policies of up to $50 million are available beginning immediately.
“Cyber risk is different from other forms of risk, so you cannot purchase reliable insurance for this 21st Century risk in antiquated ways. 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,” said Gov. Ridge, Chairman of Ridge Global. “That is why we have created customized insurance solutions that we combine with segment-specific risk management. Ridge Canada’s approach provides a better solution that not only provides more reliable coverage, but comprehensive services that may reduce the need to file a claim.”
The Ridge Canada comprehensive offering will drive organizations to better understand their risk, address deficiencies, obtain value from the cyber posture within their insurance coverage, and ensure that there are effective response services in the event of a breach. Lloyd’s of London supports this market-leading cyber insurance coverage, with insurance limits available up to $50 million. Three products that are broadly segmented around an organization’s size and cyber resilience priorities and tailored to the individual needs of the client.
- Enterprise Plus: Focused on large-cap organizations (private and public). A technology-focused underwriting process that will bring both cost savings, and rate flattening to large Canadian organizations.
- Enterprise: Mid to large cap (private and public) solution. Hybrid or traditional underwriting options available.
- Professional: Typically organizations with revenues less than $50 million. Flexible, short-form application, and access to preferred vendors in regards to claims handling.
“These insurance products are a direct result of feedback from organizations both large and small,” said Greg Markell, Chief Executive Officer of Ridge Canada. “With expertise on both sides of the border, and a keen understanding of the Canadian market, these solutions will again provide organizations of all sizes insurance products for their cyber-needs. The value of Ridge Canada’s integrated service capability is that it can be offered to organizations with the specific goal of creating a tailored solution that fits.”
About Ridge Cyber Solutions Canada
Ridge Canada is a Canadian Managing General Insurance Agency incorporated to provide cyber insurance products and loss control services to Canada’s insurance agents and brokers. The company is headquartered in Toronto under the leadership of Greg Markell, Chief Executive Officer. To learn more, visit www.ridgecanada.com.
About Ridge Global
Ridge Global was founded by Tom Ridge, the first U.S. Secretary of Homeland Security and 43rd Governor of Pennsylvania, to help organizations decrease security risks. He has assembled a team of globally recognized experts who offer clients strategic counsel on identifying, preparing for and mitigating cyber risk. Ridge Global offers the latest technology, is continually evaluating cyber security tool sets in order to make the latest technology available to clients and is recognized as an international thought-leader on cyber security. To learn more, visit www.ridgeglobal.com.