How Much Does It Cost For Privacy Breach Liability Insurance In Canada?
Concerned about the new Digital Privacy Act that is set to amend PIPEDA (aka the Personal Information Protection and Electronics Document Act) as of November 1st and wondering “How much does it cost for privacy breach liability insurance in Canada?” Across the country, these new federal mandatory data breach notification regulations are set to make changes to how organizations manage both data breach notifications as well as record-keeping. Every organization will be required to report to the Office of The Privacy Commissioner of Canada as well as to all affected people. With everyone from sole-proprietors to multi-national corporations asking us “How much does it cost for privacy breach liability insurance in Canada?” we’ve built this primer that highlights some of the facts and information you can use to get ALIGNED with a free privacy breach insurance quote quickly, easily and using any mobile device.
Read On – Key Facts About & “How Much Does It Cost For Privacy Breach Liability Insurance In Canada?“
Hackers don’t discriminate when it comes to stealing personal information. Business owners, operators and leaders should be aware that the new mandatory data breach regulations set out within PIPEDA will change significantly as of November 1, 2018. Organizations of all sizes run the risk of an expensive privacy breach situation and, should the worst case scenario happen, significant potential business interruption as well as brand and reputation damage with current clients, suppliers, prospects as well as other contacts.
In fact, Zogby Analytics conducted a 2017 study with surprising findings. An estimated 29% of small organizations had experienced at least one privacy breach of their data. It is thought that hackers consider smaller organizations a prime target because they anticipate that the security systems used by small businesses are less complex and therefore easier to hack.
Related Matters: Ponemon Institute’s 2017 Cost of Data Breach Study: Canada
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.
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From the moment you identify that a hacker has caused a privacy breach in your organization, costs will start adding up. Not only will the privacy breach threaten your operations but should your organization decide to delay or, worse yet, not notify those who are impacted, a significant consumer issue could quickly escalate into a media frenzy. With virtually every consumer carrying a device and access to social media platforms that they can use to voice their displeasure in seconds, a small misstep with a privacy breach situation can quickly impact your bottom line.
Privacy breach liability insurance is specifically designed to address the high costs associated with a data breach situation. According to the Ponemon Institute’s 2017 Cost of Data Breach Study: Canada you can expect, on average:
- Per individual a direct cost is $108. This amount includes incurred expenses associated with legal and I.T. consultants, notification as well as service costs associated with those who are directly impacted by the data breach
- Per individual an indirect cost of $147. This amount addresses costs related to time, effort as well as business resources used to rectify the privacy breach.
- $5.78 million is the average total cost of a data breach in Canada1
The extremely high costs of a data breach situation are why, when it comes to the privacy breach liability insurance products we create, negotiate and deliver – our experienced insurance brokers are focused on managing the complex and specific risks associated with a privacy breach situation.
To Find Out More About How Much Does It Cost For Privacy Breach Liability Insurance In Canada Or How To Get A Privacy Breach Liability Insurance In Canada Quote Connect With One Of Our Canadian Business Insurance Brokers Today at 1-866-287-0448 of CLICK HERE!
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Source(s): 1 Ponemon Institute’s 2017 Cost of Data Breach Study: Canada
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