Economical Insurance has launched cyber coverage that is available to commercial policies to support Canadian businesses in the event of a data breach.
Called “EXPERT Cyber,” the Economical product provides response services and coverage for both first- and third-party losses due to a data breach. Coverage includes:
- First-party losses suffered by the business owner for network business interruption, cyber extortion and data protection
- Third-party damages and expenses resulting from a violation of a privacy law, regulatory defense and penalties, or payment card fines
- Expenses for professional services (e.g., forensic investigation, legal support, public relations, and crisis management)
- Breach support and specialized claims services from a dedicated team of breach response professionals.
“Cyber security is a growing area of concern for businesses of all sizes,” said Fabian Richenberger, executive vice president of Commercial Insurance at Economical.
“From internal breaches caused deliberately or inadvertently by staff, to computer systems frozen by ransom-demanding hackers, a company’s entire operation can be critically compromised with a few clicks of a mouse,” he said. “How the company responds in the hours and days that follow a breach can make or break the business.”
“We give customers peace of mind knowing that in the event of a breach we will deliver professional services that will mitigate their loss and save their reputation,” Richenberger said.
He noted that the EXPERT Cyber takes care of everything after a breach, including meeting regulatory requirements, covering fees, notifying clients, managing business interruption and restoring lost data.
Source: Economical Insurance
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