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Economical responds to mounting cyber threat with protection for Canadian businesses and their customers

Affordable coverage to protect Canadian businesses and their customers from data breach risks and help companies stay in business after a cyber attack

Waterloo, ON (Aug. 1, 2017) – In response to the escalating global threat of cyber attack, Economical Insurance today launched EXPERT® Cyber, coverage that is available to commercial policies to support Canadian businesses in the event of a data breach.

“Cyber security is a growing area of concern for businesses of all sizes,” said Fabian Richenberger, Executive Vice-President of Commercial Insurance at Economical. “From internal breaches caused deliberately or inadvertently by staff, to computer systems frozen by ransom-demanding hackers, a company’s entire operation can be critically compromised with a few clicks of a mouse. How the company responds in the hours and days that follow a breach can make or break the business. With EXPERT Cyber, everything is taken care of — from meeting regulatory requirements and covering fees, to notifying clients, managing business interruption, and restoring lost data.”

EXPERT Cyber is an affordable solution that provides best-in-class response services and coverage for both first- and third-party losses due to a data breach. Coverage includes:

  • First-party losses suffered by the business owner for network business interruption, cyber extortion and data protection
  • Third-party damages and expenses resulting from a violation of a privacy law, regulatory defense and penalties, or payment card fines
  • Expenses for professional services (e.g., forensic investigation, legal support, public relations, and crisis management)
  • Breach support and specialized claims services from a dedicated team of breach response professionals

“We give customers peace of mind knowing that in the event of a breach we will deliver professional services that will mitigate their loss and save their reputation,” said Richenberger.

About Economical Insurance

Founded in 1871, Economical is one of Canada’s leading property and casualty insurers, with more than $2.1 billion in annualized premium volume and more than $5.4 billion in assets as at March 31, 2017. Based in Waterloo, this Canadian-owned and operated company services the insurance needs of more than one million customers across the country. Economical conducts business under the following brands: Economical Insurance, Economical, Western General, Economical Select, Perth Insurance, Sonnet, Petsecure, Economical Financial, and Family Insurance Solutions.

Source: Economical Insurance

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