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Happy September! It has been a hot and smoky summer here in Alberta, so we are looking forward to a (hopefully) mild autumn season. As CEWS and CRHP is wrapping up in the next couple of months, we are seeing our workflow return to normal.
We currently have a listing for a successful practice in the Niagara region near Hamilton, Ontario. This is a prime opportunity for a new practitioner or for a firm looking to expand in southern Ontario. Check out the listing on our website for more information.
As practitioners, we are well aware that digital documentation and cloud-based software is quickly becoming the default business model. However, when we think of computers, not all of us immediately think of computer security. The risks of a "data breach" or "cyber attack" are indeed a reality for small business owners and sole practitioners. In fact, firm insurance companies are now offering coverage for damages such as lost income due to data recovery and litigation costs related to liability of insufficient security.
We've seen 2 types of coverage offered:
Data Compromise (external damages): This type of insurance is usually limited to the loss of files and personal information (intentional or accidental). The Personal Information Protection and Electronic Documents Act lays out a number of expectations when reporting data breaches. Some costs of these expectations might include obtaining outside legal council, forensic IT review, public relations and client notifications, and identity restoration for affected individuals.
Computer Attack (internal damages): In the event of a full cyber attack, this type of insurance covers broad damages related to the firm itself. These expenses might include data and systems restoration (which we've blogged about previously), loss of business income, and litigation related to a liability lawsuit.
