Insurance is catching up with modern day business risks and evolving to address current trends. Unfortunately, data breaches have been an issue for some time, but cyber insurance is available and shaping up to be an effective tool to mitigate certain damages.
In response to the rise of smartphones, mobile payments, cloud computing, and widely publicized data breaches over the past few years, parliament recently passed the Digital Privacy Act (DPA) which expands the powers of Canada’s Privacy Commissioner and increases the burden on businesses to notify persons whose personal information has been exposed as a result of a data breach. Once the new mandatory provisions come into effect (likely sometime this summer), what will it mean for your business?
- Increased burden and privacy breach reporting costs
- Increased potential for third party and regulatory litigation
- Increased risk of reputational damage as breaches will be made public
- Increased need to talk to us about your insurance protection
Cyber Insurance can make a crucial difference in how your business continues to operate and the impact to your revenue and reputation following a data breach.
To learn more about how you can protect yourself and your company against a data breach, contact one of our Corporate Risk representatives today.
To read more about Cyber Risk in the news, click on the following articles below:
From CanadianUnderwriter.ca: Poised for Change
From Insurance Journal.com: Top 3 Reasons Firms are Buying Cyber Insurance