Canopius crafts ‘groundbreaking’ new cannabis cyber insurance solution
Global specialty lines re/insurer Canopius has crafted a new cannabis cyber insurance solution designed to address the distinct data security challenges faced by North America’s legal cannabis industry.
The re/insurer provides tailored cyber coverage for cannabis enterprises across the supply chain.
The company explained that cannabis companies face unique cyber risks in the US due to heavy regulation, cash-based retail operations, and dependence on point-of-sale systems. Canopius is offering protection against cyber-attacks, networking breaches, ransomware, and other digital threats impacting cannabis producers, transporters, retailers, and tech firms.
Canopius began underwriting cannabis-exposed risks earlier this year for privately owned and not-for-profit organisations in the US states where medical and recreational adult-use is legal.
The new offering completes Canopius’ suite of integrated insurance solutions tailored for the cannabis sector, including property, liability, transportation, and management liability. The Cannabis Cyber coverage is designed to comprehensively address both first-party and third-party cyber risks and legalities in the cannabis sector in the US, from seed to sale.
Jenny Soubra, US head of cyber and tech E&O at Canopius, said: "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.”
Coleman Johnson, chief underwriting officer, US & Bermuda, at Canopius, added: “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."
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