What Are The Privacy Breach Notification Changes In Canada?
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In light of recent PIPEDA* changes, the requirements for your business may have you googling “What are the privacy breach notification changes in Canada?” New federal mandatory data breach notification regulations are changing how organizations manage both data breach notifications as well as record-keeping. Every organization is now required to report breaches to the Office of The Privacy Commissioner of Canada as well as to all affected people. Whether you are a sole-proprietor, a non-profit, a small business or a multi-national corporation, you are asking us “What are the privacy breach notification changes in Canada?” And that’s why we’ve pulled together some info. And why we’re on standby to help your business get ALIGNED with a privacy breach insurance quote quickly, easily and mobile-friendly.
Some Key Facts About The Privacy Breach Notification Changes In Canada
It’s a fact that hackers don’t discriminate when it comes to cybercrime. If your business is hacked, you’ll face significant business interruption as well as potential reputation damage with your clients, suppliers and prospects.
In fact, in 2017, Zogby Analytics conducted a study that found roughly 29% of small organizations experienced at least one privacy breach of their data. Hackers may anticipate the security systems deployed by small businesses are less complex and therefore much easier to hack.
Related Matters: Ponemon Institute’s 2017 Cost of Data Breach Study: Canada
After a privacy breach, there are many factors that will add up to significant costs. Costs that any business or non-profit will need to pay for. In addition to brand damage, client retention and attraction issues, there are other direct and indirect costs.
What Privacy Breaches Cost. Understanding Privacy Breach Notification Changes In Canada.
Costs of managing a privacy breach add up quickly. If you delay or, worse yet, fail to notify, a significant consumer issue could quickly escalate into a media frenzy. With virtually every consumer using at least one social media platform, a small misstep can quickly impact your bottom line.
That’s why privacy breach liability insurance is specifically designed to address the high costs associated with a data breach situation. The Ponemon Institute’s 2017 Cost of Data Breach Study: Canada anticipates, on average:
- A direct cost of $108 per individual. 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
- An indirect cost of $147 per individual. 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 potential 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 focus on managing the complex and specific risks associated with a privacy breach liability situation.
To Find Out More About What Are The Privacy Breach Notification Changes 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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*The Personal Information Protection and Electronics Act is more commonly referred to as PIPEDA