Economical brings cyber coverage to market | Canadian Insurance

Economical brings cyber coverage to market

Features include expenses for professional services and access to breach response professionals

Economical Insurance is tackling the cybersecurity challenges of businesses with its new Expert Cyber product.

“Cyber security is a growing area of concern for businesses of all sizes,” says Fabian Richenberger, executive vice president of commercial insurance at Economical, in a statement. “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.”

Related: Evolving insurer-broker relations, Economical-style

The insurer’s Expert Cyber provides coverage for:

  • 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, which include forensic investigation, legal support, public relations and crisis management
  • breach support and specialized claims services from a dedicated team of breach response professionals