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.

Failure to comply could mean penalties of up to $100,000 per offence.

Businesses of all sizes are required to report data breaches.

 

Small companies are prime targets for data breaches: 55% have experienced at least one (HSB | Ponemon Study 2012).

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 - $103: Legal review, forensic IT, preparation of notification letters, identity fraud alert services
  • Indirect cost - $148: Internal resources, loss of brand value & reputation, customer churn

 *Ponemon Institute / IBM, 2015 Cost of Data Breach Study, Canada



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

HSB 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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