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1 December 2013 | In the Press

New technology means new business exposures

 
Virtually every business depends on technology and equipment to keep operations running and income flowing. But, with increased functionality and efficiency come heightened risks.

By Derrick Hughes, vice president, The Boiler Inspection and Insurance Company of Canada. Published in Manitoba Insurance Broker, December 2013.

Download article (PDF, 1.2 MB)


Think of your favourite local restaurant: apart from its refrigeration, air conditioning, fire, security and cooking equipment, it now has sophisticated computers, laptops and devices managing reservations, inventory, transactions, payroll and banking. On its computer system now sit the personal details of its customers, employees and owners.

 


Now put yourself in the shoes of the restaurant owner if the personal information of his customers or employees is lost or stolen. He stands to face a public relations nightmare. Given the reach of social media, it won’t be long before news of the breach reaches the general public. His business reputation will depend on how he handles the data breach. Does he have IT resources to determine the extent of the breach, who is affected and how to notify them? Does he have the legal expertise and resources to notify affected individuals? Can he offer mitigation services as a make-good remedy? What if he finds himself the victim of identity theft?


 
All Systems Go Plus® is designed to address these emerging risks. It offers the broadest, unlimited* equipment breakdown coverage available in Canada today, with Data Compromise and Identity Recovery insurance bundled in the package.


 
Added coverages include forensic help to determine the extent of the breach, who it affected and how to notify them; legal review for notifications; preparation, production and mailing of notification letters; fraud alert for persons affected by identity theft; and identity restoration case management for identity theft victims.


 
For insured business owners, it covers legal fees for civil and criminal defense, lost wages and other fees associated with identity recovery.


 
For more information, contact The Boiler Inspection and Insurance Company of Canada at (416) 363-0538.


 
*There is no limit of insurance applicable to direct damage, spoilage, business interruption / extra expense or service interruption for qualified occupancies. This is a summary of coverages. For all coverages, terms, conditions and exclusions, refer to the actual insurance policy.




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