Travelers Canada cyber liability InsuranceOne system hack can shut down a business. One policy can protect it. Why Travelers Canada
There is a lot at stake in how companies manage their data. One stolen laptop or one resourceful hacker can
cause a data breach with enormous consequences. For example, did you know the average cost of a data breach
in 2010 was $7.2 million?
Since 2008, more than 500 million data records from U.S. businesses of all types and sizes have been compromised, including those containing customers’ private information and companies’ fiancials.
The number of data breaches was up 29 percent in 2010, with over 350 breaches voluntarily reported across Canada in 2010, according to the Privacy Commissioner of Canada.
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 fiancial, they can also negatively impact your customers’ reputation
One coverage solution for all cyber exposures
Canadian businesses of all sizes need contemporary coverage that can take on the full range of risks to their data and systems. That is exactly what Travelers Canada CyberRisk™ was built for. It hasvthe essential features needed for today’s and tomorrow’s technology exposures.
– One-stop shopping –
Travelers Canada CyberRisk™ boasts 10 insuring agreements, which together deliver a truly comprehensive coverage solution. Patching coverage together with multiple insurers or traditional policies is now a thing of the past
Flexible and scalable – Coverage can be customized to the needs of customers. And smaller businesses can enjoy the same type of coverage available to larger businesses
Travelers know cyber – They have been writing technology-related coverages
for over 25 years. They are also a leading writer of related specialty crime coverages.
Network and information security liability
A hacker successfully obtains sensitive personal information from the bank’s computer system. As a result, a number of customers bring a claim against the insured for allowing access to their personal information.
Damage and defence costs for covered lawsuits
Communications and media liability
A lawsuit is brought against a credit union by a competitor alleging that its online marketing content and product branding have been plagiarized and its trademarks infringed upon
Damage and defence costs for covered lawsuits
Regulatory defence expenses
A large bank with offis in North America suffrs a major data breach involving thousands of customers. As a result, attorneys general in multiple states in the United States bring a regulatory action against the insured
Costs for responding to regulatory claims
stemming from the data breach
Crisis event management expenses
An investment advisor’s Chief Customer Service Offir has his laptop stolen. The laptop contains over 100,000 customer records including social insurance numbers.
Costs for hiring a public relations firm to restore customer confience or mitigate negative publicity generated from the incident
Security breach remediation and notifiation expense
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 a number of employees. This software intrudes into the system when an employee unwittingly opens the email attachment, allowing the third party access to the system. Contact and credit card information for over 50,000 bank customers is captured out of the system
Costs for hiring a breach response firm to find and fix the breach, assist with notice requirements and expenses, provide credit monitoring and a call centre for impacted individuals, and obtaining an ID fraud policy for affected victims
Computer program and electronic data restoration expenses
A computer virus totally destroys an investment advisor’s operating system software and data
Costs for repair and restoration of the insured’s computer programs and electronic data
An organized crime ring gains unauthorized access to a bank’s transactional system, obtaining customer account information and authorization codes
Loss of funds fraudulently obtained from customer bank accounts
Funds transfer fraud
An insurance company receives an email that appeared to be from its bank but was not. The insured’s employee opened the email, which activated a computer virus called a Trojan horse that reads key strokes from the insured’s computer. The perpetrator used this means to obtain banking and password information and initiate a fraudulent electronic wire transfer from the insured’s bank account
The insured’s funds that were fraudulently transferred from its bank account
A credit union receives a series of notes that threatens to hack into its customer database and disclose all of the contact information to the general public
Money or securities paid to the extortioner.
Businessinterruption and additional expense
A bank’s server is infected by a severe virus, and as a result, the insured’s sales website is not available to customers for an extended period.
The net profi that would have been earned (or net losses that would have been avoided) resulting from the computer system disruption.