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Cyber Security & Privacy Breach Toolkit

Cyber Security & Privacy Breach Toolkit

Build a robust cyber security strategy that protects your clients, your people, and your business.

Cyber Security & Privacy Breach Toolkit

Build a robust cyber security strategy that protects your clients, your people, and your business.

RISK MANAGEMENT

A strong cyber security strategy consists of three key steps.

STEP 1

UNDERSTAND YOUR RISKS

Cyber loss prevention begins with education. Identify cyber perils, potential attack scenarios, and cyber-related losses based on your unique operations and risks.

STEP 1

UNDERSTAND YOUR RISKS

Cyber loss prevention begins with education. Identify cyber perils, potential attack scenarios, and cyber-related losses based on your unique operations and risks.

STEP 2

MANAGE YOUR RISKS

Prevention is the first line of defence. Determine the scope of your responsibilities, prepare a tailored incident response plan, educate your employees, and fortify your cyber risk culture.

STEP 2

MANAGE YOUR RISKS

Prevention is the first line of defence. Determine the scope of your responsibilities, prepare a tailored incident response plan, educate your employees, and fortify your cyber risk culture.

STEP 3

OFFLOAD YOUR RISKS

Add extra layers of protection with Cyber Insurance. Learn about specialized solutions available to minimize the financial, legal, and reputational impact of a cyber attack or privacy breach.

STEP 3

OFFLOAD YOUR RISKS

Add extra layers of protection with Cyber Insurance. Learn about specialized solutions available to minimize the financial, legal, and reputational impact of a cyber attack or privacy breach.

DATA BREACH COSTS

How much does a data breach cost?

In the event of a breach, it’s not just lost data you have to worry about. There’s a whole host of direct, indirect, and hidden expenses organizations should be aware of, including: detection, notification, lost business, and more.

Detection and Escalation

Activities and/or services required to identify the breach, including forensic investigation, assessment and auditing, crisis management, and more. On average, Detection and Escalation costs about $1.11 million—nearly 30% of the total cost of a breach!

Notification

Activities related to informing breach victims, regulatory bodies, and other affected parties through email, letters, phone calls, or a general notice, as well as communications with regulators to determine when, how, and which requirements will apply. Notification costs comprise $0.24 million or about 6.2% of total breach expenses.

Post Data Breach Response

Redress and support services to breach victims and regulators, such as: help desk and inbound communication, credit monitoring, identity protection services, issuing new credit cards, legal expenses, regulatory fines for noncompliance with privacy laws, and more. These activities make up $0.99 million or 25.6% of breach costs.

Lost Business

Lost opportunities or revenue from customer turnover, diminished goodwill or reputation, business disruption, system downtime. At an average of $1.52 million, lost business makes up almost 40% of breach expenses and has been the highest cost component for the last six years.

How much will a data breach cost you?

80% of Canadian organizations faced at least one cyber attack in 2020. No matter how careful you are, an attack or a breach is inevitable. Use our calculator below to estimate how much a breach could cost your business.

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"PII" refers to personally identifiable information which represents a record on an individual that can be used to identify, contact, or locate a single individual. Storing a record on one individual equals one PII.






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CALCULATE

Estimated Data Breach Costs:

Breakdown of short term breach costs.

Lost Business Cost

Lost Business Costs include client turnover, lost revenue due to sysyem downtime, and reputational impact affecting new business.

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Detection and Escalation Costs

Detection and Escalation Costs include forensic and investigative activities, assessment and audit services, crisis management, and communications to management and boards.

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Notification Costs

Notification Costs encompass notifying clients, regulatory bodies, and other third parties via outound communications (emails, letters, calls), determining regulatory requirements, communication with regulators, and engagement with experts.

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Ex-post Response

Ex-post Response refers to costs associated with inbound communications with victims (i.e. helpdesks), credit monitoring and identity protection, issuing new accounts, legal expenses, discounts, and regulatory fines.

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CYBER POLICY BLUEPRINT

Cyber Insurance covers a variety of liability expenses following a cyber attack, privacy breach, or other security-related incident, including legal fees, damages, recovery costs, and more.

First-Party Cyber Liability coverage pays for any costs directly incurred by your firm due to the breach.
Third-Party Cyber Liability coverage responds to claims made against your firm by people or companies that have been harmed as a result of your actions or failure to act.

If your business suffers a breach, your general liability policies may not protect you—they’re not specifically designed to address data security. But a dedicated

cyber policy can respond quickly and effectively to offset your financial losses, protect your digital assets, and help you regain your clients’ trust.

Cyber Insurance takes more of a consultative approach to risk management compared to other types of commercial insurance. That’s why there’s no such thing as a standard Cyber Insurance Policy. In addition to coverage for legal defence, you’ll have access to a variety of coaching and remediation services to help your business mitigate exposures and ensure that you’re in the best position possible to deal with a breach or attack when it happens.

CYBER INSURANCE COVERAGE HIGHLIGHTS

Disclaimer: The descriptions below are a brief summary of the main coverages that can be part of a Cyber Insurance policy. The specific terms of your policy will always apply. For more information, please consult your policy or confirm with a licensed insurance-representative.

FEATURES


Privacy Breach Response Expenses Coverage

Covers your legal expenses to set up breach notifications to all affected individuals and organizations.

Digital Asset & System Restoration Expenses Coverage

Covers the cost of data recovery for any digital assets that have been corrupted by a virus or hacking.

Crisis Management Expenses

Covers the cost of hiring a marketing and PR firm to help manage any negative publicity or reputational damage in the wake of a breach.

Business Income Loss Coverage

Coverage for lost revenue or other monetary losses caused by an interruption in services, such as network downtime, information corrupted or deleted in an attack, and data loss recovery.

Network Extortion Threat Expenses Coverage

Coverage for expenses incurred by network extortion threats (i.e. the ransom paid to a person or organization threatening to release or destroy confidential information or cause a network failure).

Social Engineering Fraud

Coverage for losses arising from social engineering fraud, in which individuals are manipulated by threat actors into revealing confidential data (i.e. network credentials, financial information, intellectual property, etc.)

Network Security & Privacy Liability Coverage

Covers legal defence and any applicable damages if your organization is found liable for inadvertently introducing a virus into a third-party’s computer system. 

Internet Media Liability Coverage

Covers expenses for any liability arising from information posted electronically (i.e. libel/slander against a supplier or a product).

Regulatory Proceeding Coverage

Covers expenses related to regulatory proceedings or investigations due to a privacy or network security breach.

**Note: This coverage will not apply to fines levied against the organization by the regulatory body.

FIRST PARTY COVERAGE




THIRD PARTY COVERAGE

CYBER POLICY BLUEPRINT

Cyber Insurance covers a variety of liability expenses following a cyber attack, privacy breach, or other security-related incident, including legal fees, damages, recovery costs, and more.

First-Party Cyber Liability coverage pays for any costs directly incurred by your firm due to the breach.
Third-Party Cyber Liability coverage responds to claims made against your firm by people or companies that have been harmed as a result of your actions or failure to act.

Disclaimer: The descriptions below are a brief summary of the main coverages that can be part of a Cyber Insurance policy. The specific terms of your policy will always apply. For more information, please consult your policy or confirm with a licensed insurance-representative.

FEATURES


Privacy Breach Response Expenses Coverage

Covers your legal expenses to set up breach notifications to all affected individuals and organizations.

Digital Asset & System Restoration Expenses Coverage

Covers the cost of data recovery for any digital assets that have been corrupted by a virus or hacking.

Crisis Management Expenses

Covers the cost of hiring a marketing and PR firm to help manage any negative publicity or reputational damage in the wake of a breach.

Business Income Loss Coverage

Coverage for lost revenue or other monetary losses caused by an interruption in services, such as network downtime, information corrupted or deleted in an attack, and data loss recovery.

Network Extortion Threat Expenses Coverage

Coverage for expenses incurred by network extortion threats (i.e. the ransom paid to a person or organization threatening to release or destroy confidential information or cause a network failure).

Social Engineering Fraud

Coverage for losses arising from social engineering fraud, in which individuals are manipulated by threat actors into revealing confidential data (i.e. network credentials, financial information, intellectual property, etc.)

Network Security & Privacy Liability Coverage

Covers legal defence and any applicable damages if your organization is found liable for inadvertently introducing a virus into a third-party’s computer system. 

Internet Media Liability Coverage

Covers expenses for any liability arising from information posted electronically (i.e. libel/slander against a supplier or a product).

Regulatory Proceeding Coverage

Covers expenses related to regulatory proceedings or investigations due to a privacy or network security breach.

**Note: This coverage will not apply to fines levied against the organization by the regulatory body.

FIRST PARTY COVERAGE




THIRD PARTY COVERAGE

If your business suffers a breach, your general liability policies may not protect you—they’re not specifically designed to address data security. But a dedicated cyber policy can respond quickly and effectively to offset your financial losses, protect your digital assets, and help you regain your clients’ trust.

Cyber Insurance takes more of a consultative approach to risk management compared to other types of commercial insurance. That’s why there’s no such thing as a standard Cyber Insurance Policy. In addition to coverage for legal defence, you’ll have access to a variety of coaching and remediation services to help your business mitigate exposures and ensure that you’re in the best position possible to deal with a breach or attack when it happens.

WHY PROLINK?

In an increasingly digital world, cyber threats are constantly evolving. Business owners must be vigilant. PROLINK will help you plan and protect. We can share what steps others in your industry are taking and advise you based on your unique operations.

WHY PROLINK?

In an increasingly digital world, cyber threats are constantly evolving. Business owners must be vigilant. PROLINK will help you plan and protect. We can share what steps others in your industry are taking and advise you based on your unique operations.

Read the Terrain

Stay on top of emerging cyber risks, vulnerabilities, trends, and privacy regulations that could affect your business.

Work With Experts

Benefit from industry expertise that will help you define the critical peaks and valleys that you must traverse on the road to cyber resilience.

Control Your Exposure

Leverage our cyber risk management and insurance solutions to retake control—no matter the obstacle, element, or hurdle they encounter.

Pursue Your Goals

Reassess your cyber security strategy and recalibrate the path forward with every new terrain you conquer.

Get In Touch

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-800-663-6828

or send us an email below:

Get In Touch

To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at:

1-800-663-6828

or send us an email below:


    Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits


      Personal InsuranceCommercial EnterpriseAssociations & Affinity GroupsLife & Benefits

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