While credit monitoring is not mandatory in any province and notification is not mandatory in most provinces, the trend is moving toward notification being required. Specific industries, such as healthcare, are seeing mandatory notification requirements in certain provinces. Mandatory breach notification is also on the horizon in many provinces. Failure to respond appropriately could result in fines (depending on the province), lawsuits by the individuals whose information was compromised, the loss of new or existing clients.
Allied World’s Privacy//101SM is a data protection policy designed specifically for privacy based exposures. It offers coverage for most costs associated with a privacy data breach and can help businesses work to rapidly repair the reputational and financial consequences of such losses.
Covers most costs associated with a privacy data breach including:
- Notification to all individuals whose private information may have been lost, stolen or accessed without proper authorization
- Associated costs for those individuals electing credit monitoring in the event their information was lost, stolen or accessed without proper authorization
- Third-party financial claims and legal costs in the event of a suit and defense and penalty costs in the event of a regulatory claim (data breaches may be subject to provincial and federal penalties)
- Public relation expenses to protect and restore a company or organization’s brand and public image
- Expenses to retain a data forensics expert to determine why the breach occurred and how to avoid one in the future
- No new application to complete:Just send us annual revenues and the type of company.
- Quotes available in both Canadian and US dollars.
- All policies are issued on the licensed paper of Darwin National Assurance Company (Canada Branch).
- Maximum Limit Options: up to $1M
- Pre-determined Retentions: Based On Industry and Revenues