HSB BI&I - Why do I need data breach coverage?

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Why do I need data breach coverage?

Data is the new business exposure.

Today, your business depends more than ever on computer equipment and networks to store valuable customer, employee and third party data. And more than ever before, personal information is exposed to data breach. To keep pace with this emerging exposure, HSB BI&I now offers a solution to protect your business reputation if you are faced with a data breach.

Did you know?

An astounding 72% of data breaches occur in businesses with 100 employees or less? Thieves naturally target smaller companies because they have fewer protections and less sophisticated IT resources.

What is a data breach?

It occurs when personal information is:

  • Lost
  • Stolen, or
  • Accidently made public
Data breaches can occur through:
  • Employee or contractor negligence
  • Lost & stolen devices such as laptops, smartphones, USBs, archives and backups
  • Procedural mistakes
  • Lost or stolen paper records
  • Malicious or criminal insiders
  • Malware and hacking
What are the consequences of a data breach?

According to a consumer survey, 20% of customers would terminate their relationship with a business that lost their personal data, and another 40% would consider doing the same.

Your response to a data breach is key to preserving your business reputation.

For this reason, we offer Data Compromise coverage for:

  • Forensic help to determine the extent of the breach, whom it affected and how to notify them
  • Legal review for notifying those affected by the breach, including customers, employees, owners, directors and members
  • Preparation, production and mailing of notification letters
  • Fraud alert for persons affected by identity theft
  • Identity restoration case management for identity theft victims
What if you, the business owner, are the victim of identity theft?
  • Your identity could be falsely used to secure fraudulent loans or commit crime,
  • Your credit-worthiness could suffer
  • How would you go about clearing your name?
  • Do you have the time and resources it takes to recover your identity?
  • Can you afford added legal fees, or loan re-application expenses?
That’s why we provide Identity Recovery coverage for:
  • Legal fees, including civil and criminal defense
  • Lost wages and child or elder care expenses due to time away from work
  • Access to identity restoration case managers – investigators who help you through the process and can assume much of the work
  • Credit bureau reports
  • Fees for reapplying for loans declined due to falsified credit information
  • Postage, phone, shipping, notary, filing fees and other out-of-pocket costs
Protect your business

As technology and risk become more sophisticated, you can rely on The Boiler Inspection and Insurance Company of Canada to provide industry-leading products and services for equipment exposures.

For more information, contact your broker.

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