Canopius Group has introduced a new Cannabis Cyber insurance solution, an offering that makes the re/insurer one of only a few providing tailored cyber coverage for cannabis enterprises across the supply chain.
As cannabis companies rely heavily on connected IT systems they face unique cyber risks due to heavy regulation, cash-based retail operations, and dependence on point-of-sale systems.
Canopius’ Cannabis Cyber coverage has been designed to address the distinct data security challenges faced by North America’s booming legal cannabis industry. It delivers robust protection against cyber-attacks, networking breaches, ransomware, and other digital threats impacting cannabis producers, transporters, retailers, and tech firms.
Jenny Soubra, U.S. Head of Cyber and Tech E&O at Canopius, commented: “With cyber threats growing exponentially, policies that safeguard critical systems are crucial for any business.
“Our Cannabis Cyber coverage combines deep cyber expertise with extensive experience serving cannabis clients already relying on us across their other insurance needs.”
According to the announcement, the new offering completes Canopius’ suite of integrated insurance solutions tailored for the cannabis sector, including property, liability, transportation, and management liability.
Its coverage will address both first-party and third-party cyber risks and legalities in the cannabis sector in the US, from seed to sale, Canopius explains.
This coverage is complemented by a comprehensive suite of services, encompassing proactive pre-loss risk mitigation strategies and robust post-breach response solutions, equipping the cannabis industry with the essential resources to confront and manage all aspects of cyber risk.
Coleman Johnson, Chief Underwriting Officer, U.S. & Bermuda, at Canopius, said: “This groundbreaking new cyber product fills a major coverage gap, empowering cannabis businesses to operate with confidence and continue driving growth in this pivotal emerging market.
“Having our integrated cannabis offerings now rounded out with tailored cyber protection is invaluable for clients who want a full-service carrier that truly understands their unique needs.”
