The Co-operators rolls out privacy breach coverage

The product also includes access to third-party educational resource

The Co-operators General Insurance Company has released a new product designed to protect small and medium-sized companies that have costs associated with a privacy breach and help them effectively respond and recover from this type of incident.

The new product has two key elements. Privacy Breach Expense provides up to $250,000 in coverage for responding to and mitigating the impact of a privacy breach. Privacy Breach Liability covers up to $1 million in situations where a company has been deemed legally liable as a result of a breach.

Related: The Price of Privacy

The Co-operators is also giving policyholders of the new product access to CyberScout, a third-party service that provides preventative education, proactive protection services and incident remediation support.

“Cyber criminals are continually devising new ways to access personal data online, and virtually every business in Canada is at risk. As large companies improve their data security, cyber criminals look for easier targets, putting small and medium businesses at greater risk,” said Rob Wesseling, president and CEO of The Co-operators, in a statement.

“Having good data security measures can reduce the risk of privacy breach, but no company can eliminate it altogether,” he added. “We are committed to helping to protect Canadian businesses, and our privacy breach coverage provides the resources and coverage to help them before, during and after a breach.”

A privacy breach is an incident resulting in improper or unauthorized access, collection, use or disclosure of sensitive or protected personal information. Some of the most common privacy breaches occur when personal information is stolen, lost or mistakenly shared.

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