Have you ever wondered what will happen if your business suffer a data breach?
Last surveys reveal that only 31% of Canadian companies have guidelines in place should a privacy breach occur. Moreover, only 43% of all sensitive data that it is stored by Canadian businesses is encrypted and 68% of the businesses don’t provide privacy training for employees.
Lost data may involve personal information, such as Social Insurance Number or financial information such as credit card or bank details. Should this protected or confidential data be released to an untrustworthy environment, your costumers may be sued you resulting in damages payments and loss of confident of your company. While any business is at risk of a data breach, businesses that store sensitive client or patient data, such as those in healthcare, financial or professional services are particularly vulnerable. Retailers also face increased risk, given the volume of credit card information they process.
Purchased cyber liability insurance can protect you in the event a data breach occurs. Ai Errors and Omissions´ Cyber Liability coverage includes:
- First party coverage for response expenses, including legal and forensic services, notification expenses, crisis management and good faith advertising expenses;
- Third party coverage for defense and liability, including defense costs, civil awards, settlements or judgments that an insured is legally obligated to pay;
- Consultative services, including help with breach notifications and credit monitoring for victims of identity theft or fraud, if warranted.
What should you do when a data breach occur?
At the first sign of a breach, you should call your insurance broker, so we can help you to fix the problem. You can contact by calling the toll free 1-877-213-4545 or throughout our website insuranceerrorsandomissions.ca
Once your eligibility is verified, your basic contact information is taken and provided to a breach consultant. The breach consultant will assist you with crisis management answering any concerns you might have.
These services are not considered insurance coverage but as a “value added” feature available as part of the larger policy offering.