Canopius launches cannabis cyber cover

Lloyd’s insurer Canopius Group has introduced what it claims is an innovative Cannabis Cyber insurance solution designed to address the distinct data security challenges faced by North America’s booming legal cannabis industry. 

The offering, it adds, makes Canopius one of only a few insurers currently providing tailored cyber coverage for cannabis enterprises across the supply chain.

With cannabis now legal in many US states, cannabis companies rely heavily on connected IT systems but face unique cyber risks due to heavy regulation, cash-based retail operations, and dependence on point-of-sale systems. 

Canopius claims that its Cannabis Cyber coverage delivers robust protection against cyber-attacks, networking breaches, ransomware, and other digital threats impacting cannabis producers, transporters, retailers, and tech firms.

“With cyber threats growing exponentially, policies that safeguard critical systems are crucial for any business,” said Jenny Soubra, US head of Cyber and Tech E&O at Canopius. 

“Our Cannabis Cyber coverage combines deep cyber expertise with extensive experience serving cannabis clients already relying on us across their other insurance needs.”

The new offering completes Canopius’ suite of integrated insurance solutions tailored for the cannabis sector, including property, liability, transportation, and management liability.

“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,” added Coleman Johnson, CUO, US & Bermuda, at Canopius. “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.”

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 U.S., from seed to sale. 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.