Canadian ICMIF member Co-operators has announced the launch of enhanced cyber-insurance coverage for business policyholders. Cyber Guard protects business owners for unexpected expenses and/or costs of complying with privacy laws if their confidential information is compromised, and lost income or increased operating costs due to a privacy breach event. This coverage is included on eligible Co-operators Business insurance policies.
Cyber threats remain among the most damaging to an organisation’s reputation and bottom line. With the current geopolitical climate elevating the risk of cyber threats, and the Canadian Centre for Cybersecurity identifying an escalating risk of cyber threats to Canadian businesses, Co-operators says this launch is ideally timed for business owners who are looking to increase their coverage and customise their protection against digital exposure. Available as an upgrade to the standard Cyber Guard coverage, Co-operators Cyber Guard Select provides higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons to address unique business risks. Both the standard Cyber Guard and the enhanced Cyber Guard Select packages include free access to claims support, emergency-response services and prevention tips from Co-operators’ dedicated risk-management partner and ICMIF Supporting Member, CyberScout® (a SontiqTM brand).
“Responding to the unique needs of our clients is central to our holistic approach and that compelled us to deliver a solution that addressed the complex and unpredictable nature of today’s digital security threats,” says Michael Spadafora, AVP National Product Portfolio, Commercial & Farm Management at Co-operators. The nine optional add-ons include crisis management, payment card loss, and cyber extortion threat coverage, making Cyber Guard Select a complete cyber insurance package for Co-operators Business policyholders.
As many businesses continue to recover from the unprecedented challenges of the last two years, they also evaluating what services are necessary to maintain their operations. No business is immune to cyber threats. The unauthorised release of sensitive information can cause significant harm to the hard-earned reputation of business owners who can ill afford additional financial barriers. “Canadian businesses have to be vigilant in defending their companies from any number of vulnerabilities and Cyber Guard Select empowers them with flexible options to meet that objective,” said Spadafora.
For eligible Co-operators Business insurance policies, Cyber Guard and Cyber Guard Select includes free access to claims support, emergency-response services, and prevention tips from ICMIF Supporting Member, CyberScout®. CyberScout claims-response experts are available to serve policyholders 24 hours a day, seven days a week. Their investigative Breach Response team helps to keep policyholders’ businesses up and running, and peace of mind in check. Policyholders can call CyberScout for cyber-incident management, as well as tools and resources to help them prevent and prepare for cyber events.