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Cyberattacks against Quebec companies have exploded in recent years. In 2025, 43% of Canadian SMEs were victims of at least one cybersecurity incident. The average cost of a data breach in Canada is $5.6 million. Cyber risk insurance has become an essential financial shield for any company that uses technology — that is, all companies.
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What is cyber risk insurance?
Cyber risk insurance (also known as cyber security insurance, cyber insurance or cyber insurance) is coverage that protects your business against financial losses caused by computer incidents: hacking, ransomware, data leaks, online fraud and service interruption.
Unlike traditional business insurance (general liability, property), cyber insurance specifically covers digital and informational damage that is excluded from conventional policies.
Why Your Business Needs Cyber Risk Insurance in 2026
Three realities make this insurance essential for Quebec SMEs:
1. The explosion of cyberattacks in Canada
- 43% of Canadian SMEs were victims of an incident in 2025
- The average cost of a data breach in Canada: $5.6 million
- Ransomware attacks have increased by 150% since 2022
- 60% of SMBs that are victims of a major cyberattack close within 6 months
2. Quebec’s Bill 25 — Strict Obligations
Since September 2023, Bill 25 (Act respecting the protection of personal information in the private sector) requires Quebec companies:
- Report any data leak to the Commission d’accès à l’information within 72 hours
- Notify all affected individuals individually
- Keeping a record of confidentiality incidents
- Appointing an Information Protection Officer
- Fines: $15,000 to $25 million for non-compliance
Cyber risk insurance covers the costs of these obligations: notice, investigation, fines, and legal fees.
3. Your general liability insurance does NOT cover cyberattacks
Many contractors believe they are protected by their general liability insurance. This is false. RC policies explicitly exclude incidents related to digital data. If a hacker steals your customers’ data or ransomware cripples your operations, your standard business insurance won’t pay anything.
What Cyber Risk Insurance Covers
| Coverage | What it protects | Concrete example |
|---|---|---|
| Data | RestorationFeesto recover or recreate lost data | Ransomware encrypts your customer files |
| Business | interruptionRevenue lost during the service | disruptionYour e-commerce site is offline for 48 hours |
| Ransomware | Ransom payment, negotiation, decryption | You’re being asked for $50,000 to unlock your systems |
| Notification and Compliance | Fees for notifying affected persons (Bill 25) | Leak of 10,000 customer files to be notified individually |
| Cyber | liabilityThird-party lawsuits for leak-related | damagesA customer sues you for identity theft |
| Crisis | managementPublic relations, communications, experts | Managing your reputation after a high-profile hack |
| Social | engineering fraudLosses due to phishing or CEO | fraudEmployee transfers $30,000 to fake supplier |
| Regulatory | FinesPenalties imposed by the authorities | Fine from the Commission d’accès à l’information |
How much does cyber risk insurance cost in Quebec?
| Company | sizeAnnual | premiumTypical Limit |
|---|---|---|
| Self-employed / micro-enterprise | $300 — $ | 800$250,000 — $500,000 |
| SME (1-50 employees) | $500 — $ | 1,500$500,000 — $2M |
| Medium business (50-250 employees) | $1,500 — $ | 5,000$2M — $5M |
| Large company (250+ employees) | $5,000 — $25,000+ | $5M — $20M+ |
Indicative prices for Quebec in 2026. The cost varies depending on the industry, the volume of data, the revenue and the security measures in place. Get your exact price here.
Which companies are most exposed to cyber risks?
Any business that uses a computer, email or payment system is at risk. But certain sectors are particularly targeted:
- E-commerce — Credit card data, large customer databases
- Professional services — Accountants, lawyers, notaries: confidential client data
- Health and Clinics — Medical Records, Sensitive Data Protected by Bill 25
- Manufacturers — Connected Industrial Systems, Intellectual Property
- Financial Services — Banking Data Is a Target for Hackers
- Restaurants and retail – Payment terminals , customer lists
- Non-Profit Organizations — Often Less Protected, Donor Data
The main cyber threats for Quebec SMEs
Ransomware
Ransomware encrypts all your files and demands a ransom (often in cryptocurrency) to unlock them. The average cost of an attack in Canada in 2025: $1.2 million (including ransom, production shutdown, and restoration). SMBs are prime targets because they often have weaker defenses than large companies.
Phishing
Fraudulent emails imitate your suppliers, bank, or colleagues to steal your credentials or get you to transfer money. 91% of cyberattacks start with an email. CEO fraud (a hacker impersonating the executive and requesting an urgent transfer) is particularly common.
Data Leakage
Cyber risk insurance is not mandatory in Quebec, but it is highly recommended for businesses to protect themselves against potential financial losses from cyberattacks.
No, it is not mandatory by law. However, since the coming into force of Bill 25 (Act respecting the protection of personal information) in September 2023, Quebec companies have strict data protection obligations. In the event of a leak, fines can reach $25 million. Cyber risk insurance has therefore become almost indispensable.
What does cyber risk insurance cover?
Typical coverages include: 1) Data and system recovery costs; 2) Loss of income (business interruption); 3) Ransomware (ransom payment and trading fees); (4) Costs of notification to affected persons; 5) Legal fees and regulatory fines; 6) Civil liability in the event of a data leak; 7) Crisis management and public relations costs; 8) Social engineering fraud (phishing).
What types of businesses need cyber risk insurance?
Any business that uses technology — which includes virtually all SMBs in 2026. The most exposed sectors are: e-commerce, financial services, health, professional services ( accountants, lawyers), manufacturers and any company that stores personal data of customers or employees.
What is ransomware and am I covered?
Ransomware is malicious software that encrypts your data and demands a ransom to unlock it. In 2025, the average cost of a ransomware attack in Canada was $1.2 million. Most cyber risk insurance policies cover: ransom payment (if necessary), negotiation fees with attackers, system restoration, and loss of revenue during the outage.
Does general liability insurance cover cyberattacks?
No. General liability insurance generally excludes incidents related to digital data. Traditional policies cover bodily injury and property damage, not data leaks or computer interruptions. You need a separate cyber risk insurance policy for this coverage.
How does Quebec’s Bill 25 affect my business?
Bill 25 requires Quebec companies to: adequately protect personal information, report any leak to the Commission d’accès à l’information within 72 hours, notify affected individuals, keep a record of incidents and appoint an information protection officer. Fines range from $15,000 to $25 million. Cyber risk insurance covers the costs associated with these obligations.
What preventive measures can reduce my premium?
Insurers offer better rates if you demonstrate good practices: 1) Multi-factor authentication (MFA); 2) Regular and tested backups; 3) Employee training in cybersecurity; 4) Up-to-date firewall and antivirus; 5) Documented incident response plan; 6) Encryption of sensitive data; 7) Annual penetration tests. These measures can reduce your premium by 10 to 25%.
How long does a cyber risk insurance quote take?
With Assur360, you can get a free quote in minutes. An AMF-certified broker will analyze your risk profile and compare the offers of several insurers to find the best coverage at the best price. The service is free and without obligation.
