Can Insurance Pay For Privacy Breach Notification Expenses In Canada?
Can Insurance Pay For Privacy Breach Notification Expenses In Canada? What You Need To Know.Federal regulations for mandatory data breach notification are constantly evolving and you may be wondering “Can insurance pay for privacy breach notification expenses in Canada?” Federal law now makes it mandatory for all organizations (e.g. businesses of any size and non-profits) to report data breaches to affected people as well as the Office of The Privacy Commissioner of Canada. We appreciate that our clients want to know “Can insurance pay for privacy breach notification expenses in Canada?” and that’s why we’ve brought together some key insights and optimized our website to simplify the processes of getting a privacy breach insurance quote so it is fast, free, easy and mobile-friendly.
Anyone who runs an organization of any size in Canada has access to what is commonly referred to as “personally identifying information” – specific info that could be used to commit fraud or other illegal actions and activities involving credit, heathcare or identity of a person. Types of personal information include:
- sensitive personal information (e.g. medical & healthcare)
- social insurance number
- email address
- credit &/or debit account number
- driver’s license information
In the aftermath of a privacy breach, there are multiple costs any business or non-profit will need to pay for. In addition to reputational loss, client retention and attraction issues, there are the direct and indirect costs associated of a privacy breach.
According to Ponemon Institute’s 2017 Cost of Canada Data Breach Study: Canada, the costs per affected individual can be significant. In fact the average privacy breach notification expenses per individual direct cost is $108 for incurred expenses associated with I.T. and legal consultants as well as notification and services costs for those directly impacted by the privacy breach. Additionally, an indirect cost of $147 per individual for expenses related to time, effort and the organizational resources that are used to rectify the data breach.
Can Insurance Pay For Privacy Breach Notification Expenses In Canada? Yes, It Can.
With privacy breach notification expenses quickly adding up, it is reassuring to know that there are insurance products and options that specifically address privacy breach risks. We work with top insurance companies and can deliver a comprehensive package of policies that will address all of your organization’s privacy breach risks such as:
- notification services to impacted individuals as well as the Office of the Privacy Commissioner of Canada
- forensic information technology support to confirm the scope and scale of the breach as well as the individuals impacted
- legal support for notification of people who are impacted
- fraud alerts and identity restoration case management for identity theft
- public relations services to support proactive management of business relationships
Every privacy breach insurance product that we create, negotiate and deliver is specifically designed to manage the complex risks associated with a privacy breach situation.
To Find Out More About Can Insurance Pay For Privacy Breach Notification Expenses In Canada Or How To Get A Privacy Breach Insurance Quote In Canada Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448 of CLICK HERE!
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