Desjardins Insurance, the insurance unit of the Desjardins Group, has launched a new product for businesses looking for cybersecurity and fraud protection.
CyberSuite Plus offers insurance coverage for small and medium-sized enterprises (SMEs), including multiple essential coverages to help businesses and protect them from cyber risk. It also provides coverage for events such as data breaches, privacy breaches, cyber extortion, identity restoration or IT fraud.
“At Desjardins, we’re committed to helping businesses grow and be resilient,” said Valérie Lavoie, president and chief operating officer of Desjardins Insurance. “Not all SMEs have specialised cybersecurity teams or advanced protection tools, so CyberSuite Plus meets a real need. Our solution is designed for today’s environment. It’s straightforward and accessible, so that businesses can focus on what they do best.”
Related: Desjardins settles data breach suit for a maximum CA$201m
Desjardins adds that while insurance cannot prevent a cyber-attack, “it can be an invaluable support in helping businesses recover when they find themselves targeted”. It also points out that businesses can improve their security practices with prevention and education resources.
Nearly one in six Canadian businesses (16%) was hit by a cybersecurity incident in 2023, according to Statistics Canada.
The Desjardins Group was itself the victim of a cyber-attack in 2019, during which the data of nearly 3 million members was exposed. The Group settled a class action lawsuit related to a data breach in 2021.
Related: Desjardins signs deal to take over global investor Guardian Capital
Desjardins, which celebrates its 125th anniversary this year, is the largest financial co-op in North America with 7.8 million members and clients, 55,290 employees and CA$470.9bn in assets.
The Group recently reported surplus earnings of CA$900m for the second quarter of 2025 and surpasses $500bn in assets.
