David Peterson, who served as Ontario's Premier between 1985 and 1990, and former Governor of Pennsylvania Tom Ridge are offering cyber insurance in Canada.
In a press release yesterday, the two men announced the launch of Ridge Canada Cyber Solutions (Ridge Canada). The company will provide cybersecurity assessments and custom insurance products to protect companies from the damage caused by hackers and other internet threats. The firm is offering policies of up to $50 million to boards of directors in the financial services, retail, healthcare, energy, and other sectors.
"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," says Peterson. "That is why we have created customized insurance solutions that combine with our specific risk management and best-in-class pre-breach services."
Ridge Canada points out that 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.