HSB BI&I - The Digital Privacy Act (Bill S-4)

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The Digital Privacy Act (Bill S-4)

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The Digital Privacy Act (Bill S-4)

What businesses should know about new data breach notification laws

 

Businesses are required to report data breaches involving individuals' personal information.

In the event of a material data breach, businesses are required to notify affected individuals and The Privacy Commissioner.

Businesses of all sizes are required to report data breaches.

 

All organizations are vulnerable: 62 percent of security breaches occur in small to mid-sized businesses (Symantec Internet Security Threat Report).



Examples of small business data breaches:

  •  Theft of a computer from an accountant's office exposed tax records of 800 clients.
  •  An employee of a medical office lost a computer thumb drive containing 1,200 files.
  •  Identity thieves accessed financial records of 2,000 investment clients through employee-installed peer-to-peer software.

 

What can a data breach cost* per affected individual?

Direct cost - $108:

- Legal review, forensic IT, preparation of notification letters, identity fraud alert services

Indirect cost - $147:

- Time, effort and other organizational resources spent to resolve the breach

- Reputational loss and customer churn are additional consequences

Ponemon Institute, Cost of Data Breach Study Canada, 2017


Typically, commercial property and liability policies may not cover data breach costs.

BI&I data breach coverage pays for costs of notification and response.

Policyholders receive free access to eRiskHub® data breach risk management tools.

Coverage also pays for services to affected individuals, such as fraud alert and identity recovery case management.

 

  • If you are a broker and would like to quote data breach coverage, visit biiconnect.com
  • If you are a client company and would like to know more about HSB BI&I data breach coverage, contact our reinsurance representative.

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