In this day and age virtually every business relies on data and computer systems to varying degrees. When these systems experience a virus or other computer attack a business can be at risk of losing critical information that can be essential to daily operations.
Cyber and privacy breach insurance helps protect your business against remediation expenses, business interruption loss and certain legal fees or defence expenses related to the breach. Remediation expenses could include notifying your customers, providing computer forensic services as well as credit and fraud monitoring for your customers.
In addition, some cyber liability and privacy breach insurance packages provide valuable services in the event of a breach including breach counselling, crisis management, notification assistance, remediation service recommendations and media relations consulting.
Talk to your CMR Broker today for more details about how to add cyber liability or privacy breach coverage to your commercial insurance policy.
On November 1, 2018 , mandatory breach notification came into force in Canada. It means that if you suffer any type of loss of personal information that causes a real risk of significant harm you will have to report it to the Privacy Commissioner of Canada and notify all individuals affected.
If you don’t, you are subject to fines of up to $100,000 per individual that should have been notified and was not notified.
Did you know?
A privacy breach is a security incident in which sensitive, protected or confidential data is intentionally or unintentionally released, lost or exposed. This data may include personal identity information, such as social security numbers, credit card or bank details.
Common causes of a privacy breach include lost or stolen laptops and data storage devices; unauthorized access to computers systems by various means; and improper document or office equipment disposal.
Cyber liability insurance provides coverage for your defence and for liability costs resulting from a lawsuit brought by affected individuals as a result of a breach of their personal information.
The National Insurance Brokers Association of Australia produced this helpful video discussing the importance of cyber insurance.
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