A person using a laptop with an overlay showing data and privacy

Why do I need data breach coverage?

Data is the new business exposure.

Today, your business depends more than ever on computer equipment and networks to store valuable customer, employee and third party data. And more than ever before, personal information is exposed to data breach. To keep pace with this emerging exposure, HSB Canada now offers a solution to protect your business reputation if you are faced with a data breach.

Did you know?

An astounding 72% of data breaches occur in businesses with 100 employees or less? Thieves naturally target smaller companies because they have fewer protections and less sophisticated IT resources.

What is a data breach?

It occurs when personal information is:

Lost
Stolen, or
Accidently made public

Data breaches can occur through:

Employee or contractor negligence
Lost & stolen devices such as laptops, smartphones, USBs, archives and backups
Procedural mistakes
Lost or stolen paper records
Malicious or criminal insiders
Malware and hacking

What are the consequences of a data breach?

According to a consumer survey, 20% of customers would terminate their relationship with a business that lost their personal data, and another 40% would consider doing the same.

Your response to a data breach is key to preserving your business reputation.

For this reason, we offer Data Compromise coverage for:

Forensic help to determine the extent of the breach, whom it affected and how to notify them
Legal review for notifying those affected by the breach, including customers, employees, owners, directors and members
Preparation, production and mailing of notification letters
Fraud alert for persons affected by identity theft
Identity restoration case management for identity theft victims

What if you, the business owner, are the victim of identity theft?

Your identity could be falsely used to secure fraudulent loans or commit crime,
Your credit-worthiness could suffer
How would you go about clearing your name?
Do you have the time and resources it takes to recover your identity?
Can you afford added legal fees, or loan re-application expenses?

That’s why we provide Identity Recovery coverage for:

Legal fees, including civil and criminal defense
Lost wages and child or elder care expenses due to time away from work
Access to identity restoration case managers – investigators who help you through the process and can assume much of the work
Credit bureau reports
Fees for reapplying for loans declined due to falsified credit information
Postage, phone, shipping, notary, filing fees and other out-of-pocket costs

Protect your business

As technology and risk become more sophisticated, you can rely on HSB Canada to provide industry-leading products and services for equipment exposures.

For more information, contact your broker.