Ontario Commercial Cyber Insurance
Cyber liability insurance helps to protect an association, business or individual from the negative impact and costs of a breach, theft or unauthorized disclosure in an electronic format of another party’s personal information. Any business, no matter how small or large, can be a victim of cyber crime or have a cyber breach.
Possession of any party’s personal information such as phone numbers, credit card details, dates of birth to name a few must be safeguarded. A lost or stolen laptop containing a vendor or customer’s information, or a virtual thief from the other side of the world who is hacking into a computer, phishing scams or ransomware are examples of negative events that are occurring daily. Standard property and liability policies exclude damage and liability from these kinds of events. Specialty policies offer coverage that can be customized to fit the needs of an organization.
The following are some examples of coverages and resources available. Please note that the policy titles and actual coverages vary with each insurer.
Data Compromise, Cyber and Privacy Breach Expenses Insurance
Data compromise, cyber and privacy breach expenses insurance provides assistance for organizations before and after an event. Educational information is available with tips on preventative measures. Consultation is provided if a breach occurs with a plan on what to do, how and when to notify others and to mitigate public relations issues. There are limited expense reimbursements included to assist with managing the event. However, these types of options are not actual liability insurance coverage and can often be purchased without actual cyber liability coverage as follows.
Privacy, Cyber, Security Liability Insurance Coverage
This coverage is needed to provide defence and legal liability for damages if the business or organization (the insured) is legally liable for failing to protect confidential information.
Certain Fines and Penalties and Defence Insurance
Some insurance policies may offer coverage for PCI-Payment Card Industry fines and penalties, or defence expenses in the event of a regulatory action regarding a privacy breach. Want to learn more about Cyber Liability Insurance? Contact our commercial insurance brokers or click below to get an online quote.
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