Berkshire Hathaway Specialty Insurance Launches Network Security & Privacy Liability Insurance in Canada
"Our new policy simplifies the complex endeavor of managing cyber exposures for both our business partners and our customers," said
The Professional First Network Security & Privacy Liability Policy is designed to deliver multi-faceted coverage and crisis management services for large commercial enterprises and a wide range of financial institutions, including credit unions, banks, asset managers, and insurance companies.
Policy highlights include:
* Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.
* Breach expense and extortion threat coverage, addressing the direct expenses an Insured incurs to effectively respond to a breach or extortion threat.
* Media liability coverage, which responds to traditional media exposures (e.g. through a company's website) arising from electronic content.
* Business interruption coverage to pay lost income and related expenses incurred as a result of the Insured's partial or full business interruption due to a network security failure.
* Online access to eRiskHub(R) tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization. eRiskHub is provided via NetDiligence, a leading cyber security and e-risk assessment firm.
BHSI policyholders also have access to legal experts to help them manage their obligations following a breach, forensic IT services to identify and contain a breach, and public relations and credit monitoring firms to manage the reputational damage that can accompany an incident.
For more information, contact
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