[1]Recently the federal government introduced Bill C-12 that contains amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA) and will require organizations that have suffered a privacy breach to notify affected individuals. Further, the Privacy Commissioner of Canada has publicly called for substantial fines against companies who fail to effectively protect Canadians’ personal information.
Many organizations that face such threats have been unable to secure adequate and affordable insurance that protects them against these evolving exposures. Creechurch International Underwriters Ltd. [2] has now introduced the CyberPlus Privacy and Network Security Policy to protect against just these threats.
For more information, please see these product pages:
Coverage includes:
- Information Security and Privacy Liability
- Privacy Notification Costs including crisis management services and credit monitoring
- Regulatory Defence and Penalties
- Website Media Content Liability including libel & slander, copyright infringement, plagiarism, and invasion of privacy
- Cyber Extortion Loss Coverage
- Data Protection Loss Coverage
- First Party Network Business Interruption
- Crisis Management Expenses
“Recent high profile network breaches underscore an alarming trend of ever more frequent data breaches,” said Phil Baker, Executive Vice President of Creechurch International. “Now, with expensive notification costs and regulatory fines not to mention the potential for significant damage awards, companies will face serious financial consequences when they’re already reeling from a network breach” added Baker. “With the CyberPlus insurance policy, we now offer peace of mind to all types of companies, both large and small, who have been unable to secure this crucial protection at a reasonable price.” The CyberPlus insurance policy is a must for any business that possesses personal or sensitive corporate information or one whose business depends on a secure website or network. Target markets include retailers, financial institutions, and healthcare providers.
As with all Creechurch products, the CyberPlus insurance policy is available only through licenced Canadian insurance brokers. Talk to your broker about getting a quote from Creechurch today.