All businesses run the risk of experiencing a cyber/privacy breach at least once in their lifetime. So if you or one of your employees were to lose a laptop, experience a network failure, or suffer from a hack that reveals client information—you could suddenly find yourself liable for thousands of dollars in damage. Clients tend to be very forgiving of a privacy breach when it is well-handled by a business. That is, when clients are notified in a timely manner and a sincere apology is made. However, to accomplish these things during the fall-out from a breach, you’ll need a team of professionals, provisions to keep your business running and funds for any potential damages. We can help.
Key product features
- Legal coaching on how to handle the breach;
- Business interruption costs while you get your business online;
- Legal fees in the case of a civil suit;
- Funds for court-awarded damages;
- PR services for managing reputational impact;
- Provisions for credit monitoring and client notification fees.
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Why is Cyber Liability insurance important?
Every business runs the risk of experiencing a cyber/privacy breach at least once in their lifetime. Recently, sophisticated fraudsters have proven that even the most secure organizations are at risk, too. The prevalence of cyber-attacks is only expected to increase and businesses report massive financial losses as a result of managing the fall-out. While a good defence strategy can certainly help, it’s not a question of IF your company will experience a breach but when. In Canada, privacy laws are ever-changing. And the process of navigating a breach is confusing and expensive. Damages are being awarded for not only sensitive information exposed, but for the resulting emotional injury as well. Finally, is every single one of your employees tech-savvy? Can they recognize a phish and stop scammers at the gate? The reality is that many breaches are caused by employee errors or mal-intent. And you need to be protected. Cyber/Privacy Liability insurance can help with that.
What does Cyber Liability offer?
Our Cyber/Privacy Liability policy will provide you with funding for Public Relations services to manage the reputational impact of the breach, as well as, provisions for credit monitoring and client notification fees if sensitive client information is exposed. Additionally, you will be able to cover the legal defence fees in the case of a civil suit made against you, along with funds for court-awarded damages. You can even cover some of your business interruption costs while you get your business back online. Finally, you will have access to a breach coach who will guide you through the entire process.
What is a "breach coach"?
A breach coach is a lawyer who specializes in guiding firms through a Cyber/Privacy breach. They are there to provide you with the advice you’ll need to make the process as simple as possible.