Co-operators General Insurance Company (CGIC) has introduced new enhancements for its cyber insurance coverage for businesses, in order to create a more “holistic approach” to cyber protection.
The insurer’s Cyber Guard product protects business owners from unexpected expenses or costs related to complying with privacy laws in the event of a data breach, as well as lost income/increased operating costs following a privacy data breach. But the new Cyber Guard Select offers higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons.
The nine add-ons to Cyber Guard Select include crisis management, payment card loss, and cyber extortion threat coverage.
Both Cyber Guard and Cyber Guard Select also include free access to claims support, emergency response services, and cyber risk prevention tips from CyberScout – Co-operators’ risk management partner.
“Responding to the unique needs of our clients is central to our holistic approach and that compelled us to deliver a solution that addressed the complex and unpredictable nature of today’s digital security threats,” said Co-operators AVP national product portfolio, commercial & farm management Michael Spadafora.
Spadafora added that Canadian businesses “have to be vigilant in defending their companies from any number of vulnerabilities,” and that Cyber Guard Select empowers them with flexible options in order to meet that goal.
Earlier this year, The Co-operators, in partnership with ARAG Legal Solutions, offered business, home, and farm property policyholders on-demand access to a legal assistance helpline.
