New CSIO Standards Release Introduces Cyber Liability Insurance

Toronto, ON (July 22, 2015) – The Centre for Study of Insurance Operations (CSIO) is pleased to announce the release of its latest XML data standard, which incorporates new updates related to the introduction of Cyber Liability Insurance.

The need for cyber liability insurance is on the rise, with major retailers and government agencies � including Home Depot and the Canada Revenue Agency � recently experiencing significant data breaches. According to digital security company Gemalto, at least 276,000 data breaches occurred in Canadian companies in 2014. The introduction of Cyber Liability Insurance helps better manage these risks that can be present when doing business over the Internet.

The Cyber Liability Message and Coverage Codes were developed by ACORD, the U.S.-based insurance standards organization, in an effort to standardize the transfer of data for these new policies. With these changes incorporated into the latest release of the CSIO XML Standard, CSIO members can now help protect customers against risks to their data and information systems.

The July 2015 XML standards release (version 1.29), which includes the Cyber Liability Message, is available for download now. Insurer and software provider members can login and download the new standards release on csio.com.

About Centre for Study of Insurance Operations

CSIO is Canada’s industry association of property and casualty insurers, brokers and software providers. CSIO is committed to improving the efficiency and competitive position of the broker distribution channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, Telematics and eSignatures. In addition, CSIO continues to maintain and operate the industry-owned EDI mail network service, CSIOnet. CSIO maintains offices in Toronto and Montreal. For more information, visit csio.com.

SOURCE: Centre for Study of Insurance Operations (CSIO)