Cybersecurity insurance growing in popularity after high-profile digital attacks. Does your organization need it?

In an autumn ransomware attack, hackers stole the social insurance numbers of Toronto Public Library staff.

Why It Matters

Cybersecurity attacks can be costly, prompting some to purchase add-on insurance. However, some experts say preventing a breach is more important than buying a new policy.

For many executive directors, it’s a nightmare scenario. In late October, ransomware attackers breached the Toronto Public Library’s systems, stealing the names, social insurance numbers and, likely, copies of government-issued identification documents of current and former staff — and demanded the organization pay up to get the data back.

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