Commonwell Mutual launches cyber policies for farms, small businesses

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Commonwell Mutual launches cyber policies for farms, small businesses

Coverage protects businesses against damage to electronic data and computer systems from a virus or other computer attack.

Staff on November 18, 2016

Ontario insurance company The Commonwell Mutual Insurance Group today announced the imminent launch of two new cyber-security products to protect Canadian businesses against unique data privacy exposures and cyber-attacks.

The announcement of The Commonwell’s new cyber-security products CyberOne and Data Compromise comes just weeks after the widespread disruption of the Dyn cyber-attack across the United States and Europe. These new additions will service a multitude of farm and commercial entities throughout Ontario, helping them to protect their business’s information assets in an increasingly hazardous online realm.

“Virtually every business has data on clients, employees and others which can be stolen, electronically ‘hacked’ or lost through accidental or inadvertent release,” said Tim Shauf, president and CEO of The Commonwell Mutual Insurance Group. “Data breaches and cyber-attacks are a growing problem, and can significantly impact a business’ bottom line. We created these products to protect and assist Canadian businesses in responding to the financial burden and service expectations triggered by an electronic infringement.”

CyberOne coverage protects businesses against damage to electronic data and computer systems from a virus or other computer attack. It also protects a business’s liability to third parties that may have suffered damage due to security weaknesses in the business’s computer system.

Data Compromise protects a commercial entity when there is data breach, theft or unauthorized disclosure of personal information and is designed to help businesses notify and assist their clients, employees and others affected by the breach. Additionally, this coverage allows for specialized services such as credit monitoring and identity restoration that helps businesses retain their clients’ and employee’s trust and goodwill following a breach.

Key features of the new coverage options include:

CyberOne

• First-party coverage triggered by a computer attack covers costs related to data/systems restoration, business income and public relations.


• Third-party coverage triggered by a network security liability suit covers cost of defense (within coverage limits) and settlement or judgment.


• Coverage includes access to online resources for training, best practices and other risk management tools for cyber exposures.


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  • First-party coverage assists in responding to a personal data breach and includes outside legal counsel, forensic IT review, public relations costs, fraud alert assistance and identity restoration services to affected individuals.
  
  
  • Third-party coverage triggered by a liability suit or claim arising out of the first-party triggering event covers cost of defense (within coverage limits) and settlement or judgment.
  
  
  • Comprehensive identity restoration service provider is available at preferred rates.
  
  

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Commonwell Mutual launches cyber policies for farms, small businesses