On November 1, 2018, The Office of the Privacy Commissioner of Canada will implement new legislation and guidelines for reporting breaches for organizations under The Personal Information Protection and Electronic Documents Act (PIPEDA).
Failing to oblige to these new regulations and guidelines will result in fines up to $100,000 for small business and organizations under PIPEDA.
With today’s increasing cyber attacks, hacking and internal data theft it may be only a matter of time before you are compromised. As you will see by reviewing the attached links to the government guidelines and requirements on reporting a breach, there could be significant cost to a business to abide by these new rules when you are breached. As well, there could be liability issues to the business and owners. Insurance companies have acted to provide special insurance products to provide protection against the cost of data breaches. Most insurers may have some coverage in there standard CGL policies but will have limitations. You need to review what you may be covered for and what your exposures may be.
– The Insurance Market
It is important to remember that no business is immune to the impact of cyber crime. Cyber Liability Insurance policies are tailored to meet your company’s specific needs and can offer important benefits, including the following:
- Data Breach Coverage
- Business Interruption Loss Reimbursement
- Cyber Extortion Defence
- Forensic Support
- Legal Support
- Coverage Beyond Your General Liability Policy
Contact us today to learn more about Cyber Security Insurance.
For more information regarding the New Privacy Breach Act see below;
New Data Breach Reporting Requirements
Canadian Centre for Cyber Security
Mandatory Reporting of Breaches of Security Safeguards
Give us a call (1-800-668-4764) or email (info@theinsurancemarket.com) to learn how to prepare for and comply with the new Privacy Breach Act.
