New business insurance coverage provides privacy breach protection
To help protect companies from the rapidly growing threat of privacy breach, Co-operators General Insurance Company introduced a new product today that provides insurance coverage and risk management solutions for Canadian businesses. The coverage complements commercial insurance policies and is designed not only to cover costs associated with a breach and the resulting liability, but also to provide expert loss prevention advice and support in effectively responding and recovering from such an incident.
The new Privacy Breach product provides two distinct coverage offerings to meet the changing needs of small and medium companies.
“Cyber criminals are continually devising new ways to access personal data online, and virtually every business in Canada is at risk. As large companies improve their data security, cyber criminals look for easier targets, putting small and medium businesses at greater risk,” said Rob Wesseling, president and CEO of The Co-operators. “Having good data security measures can reduce the risk of privacy breach, but no company can eliminate it altogether. We are committed to helping to protect Canadian businesses, and our privacy breach coverage provides the resources and coverage to help them before, during and after a breach.”
Privacy Breach Expense covers costs of responding to and mitigating the impact of a privacy breach. Privacy Breach Liability covers the amounts a company is deemed legally liable for, as a result of a breach. The product also provides clients with access to CyberScout, a leading provider of preventative education, proactive protection services and incident remediation support, to help reduce companies’ risk and effectively respond in the event of a privacy breach.
A privacy breach is an incident resulting in improper or unauthorized access, collection, use or disclosure of sensitive or protected personal information. Some of the most common privacy breaches occur when personal information is stolen, lost or mistakenly shared. Such incidents can do serious harm to a company, including reputational damage, lost revenue, significant legal expenses and fines. A recent study by Juniper Research predicted that criminal data breaches will cost businesses a total of $8 trillion globally over the next five years.
The new Privacy Breach coverage is available from Co-operators advisors across the country.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $48 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products.
The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
SOURCE The Co-operators