Cyber Liability Insurance
All it takes is one stolen laptop, one resourceful hacker, or one employee to cause a data breach with enormous consequences to your business. Get coverage that can protect your data and systems from a wide range or risks.
Cyber Liability Insurance
Canadian businesses of all sizes need contemporary coverage that can take on the full range of risks to their data and systems. Every system upgrade, every remote device, every incoming email can mean a new risk to your customers’ data and even electronic theft of their funds. And the risks are not only financial, they can also negatively impact your customers’ reputation.
If your organization handles or stores customer or employee information, you are at risk for a privacy breach. The risk grows if you store the information electronically, or routinely deal with credit cards, social insurance numbers and other sensitive information.
Manage your risk and be prepared
As a customer, you will have access to a breach preparedness site that features easy-to-understand tips, guidelines and training to help businesses minimize the risks and impact of a breach. This is a resource to use anytime, not just when there is a claim.
- Access to valuable tips, resources and training
- Help to manage the crisis, control the damage, safeguard your business reputation, and avoid possible fines and civil litigation
- Delivery of timely notification to preserve customer and employee goodwill, and access to personalized fraud expert assistance if any become victims of identity theft or fraud as a result of the breach
- Advice on industry best practices regarding breach response
- Expert case handling from first call to remediation with built-in identity theft resolution for all affected individuals
Uncover Your Hidden Risks
Privacy leaks, fraud and data theft are just some of the many real risks that are covered.
Risk: Privacy Leak
A hacker successfully obtains sensitive personal information from a bank’s computer system. As a result, a number of customers file a class-action lawsuit against the bank for allowing access to their personal information.
Travelers Canada’s network and information security liability coverage responds with damage and defence costs for covered lawsuits.
An insurance company receives an email that appears to be from its bank. An employee opens the email and accidentally activates a Trojan horse virus that reads keystrokes from their computer. The perpetrator uses this means to obtain banking and password information and initiate a fraudulent electronic wire transfer from the company’s bank account.
Travelers Canada CyberRiskTM provides coverage for funds that were fraudulently transferred from the insurance company’s bank account.
Risk: Data breach
A bank stores sensitive customer information in its computer system. This system is compromised when a third party sends a malware program via email to many employees. This software invades the bank’s system when an employee unwittingly opens an email attachment. Contact and credit card information for more than 50,000 bank customers is stolen from the system by a third party.
Travelers Canada CyberRiskTM provides coverage for costs associated with hiring a breach response firm to find and fix the breach, assist with notice requirements and expenses, and provide credit monitoring as well as a call centre for impacted individuals.
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