TORONTO, March 19, 2012 – Recently, the federal government introduced Bill C-12 that contains amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA) and will require organizations that have suffered a privacy breach to notify affected individuals. Further, the Privacy Commissioner of Canada has publicly called for substantial fines against companies who fail to effectively protect Canadians’ personal information. Many organizations that face such threats have been unable to secure adequate and affordable insurance that protects them against these evolving exposures. Today Creechurch International Underwriters Ltd. introduces the CyberPlus Privacy and Network Security Policy to protect against just these threats.
- Information Security and Privacy Liability
- Privacy Notification Costs including crisis management services and credit monitoring
- Regulatory Defence and Penalties
- Website Media Content Liability including libel & slander, copyright infringement, plagiarism, and invasion of privacy
- Cyber Extortion Loss Coverage
- Data Protection Loss Coverage
- First Party Network Business Interruption
- Crisis Management Expenses
“Recent high profile network breaches underscore an alarming trend of ever more frequent data breaches,” said Phil Baker, Executive Vice President of Creechurch International. “Now, with expensive notification costs and regulatory fines not to mention the potential for significant damage awards, companies will face serious financial consequences when they’re already reeling from a network breach” added Baker. “With the CyberPlus insurance policy, we now offer peace of mind to all types of companies, both large and small, who have been unable to secure this crucial protection at a reasonable price.” The CyberPlus insurance policy is a must for any business that possesses personal or sensitive corporate information or one whose business depends on a secure website or network. Target markets include retailers, financial institutions, and healthcare providers.
Talk to your Broker
As with all Creechurch products, the CyberPlus insurance policy is available only through licenced Canadian insurance brokers. Talk to your broker about getting a quote from Creechurch today. Visit the company website, www.creechurch.com for information on the company’s products and to download insurance applications.
About Creechurch International Underwriters
Creechurch International Underwriters is one of the leading underwriting management companies in Canada, offering specialized insurance to a wide spectrum of businesses. Part of a large global insurance and reinsurance organization with 60 offices on four continents Creechurch underwrites exclusively on behalf of large A rated multinational insurers. Creechurch products include MediaTech Liability, Management Liability, Life Sciences Liability, Professional Liability, Employment Practices Liability, CGL and Umbrella Liability, Fidelity and Property Insurance.