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Cyber and Privacy

Malicious or criminal attacks are most often the cause of data breach globally (42%).

On May 25, 2018, the enactment of General Data Protection Regulation (GDPR) brings added exposure for any business with the potential of collecting personally-identifiable information on European Union (EU) citizens. Businesses who violate GDPR can lose up to 4 percent of revenue – not profit – with a cap of $31.3 million.

The stringent set of security and data processing standards protects the fundamental rights and freedoms of EU citizens’ personal privacy. Personal information being broadly defined constitutes an increased need for proper cyber coverage.

Burns & Wilcox can provide Cyber Liability Coverage and consultative resources to help ensure your clients are in compliance with evolving cyber regulations that carry hefty penalty fees.

Coverage Details and Features

  • Coverage for First Party Notification Costs & Breach Resolution
  • Third Party Liability
  • Brand & Reputation Protection following a Privacy Breach
  • Business Interruption following system failure
  • Consequential Business Interruption Loss in the event a Service Provider goes down
  • Broad Voluntary Breach Notification
  • Cyber Extortion Coverage including Ransomware
  • Coverage for PCI DSS Fines, Penalties & Assessment Costs
  • Regulatory Defence & Penalties
  • Cyber Crime Coverage including Social Engineering and Telephone Fraud

Target Classes

(including but not limited to)

Videos

Burns and Wilcox Videos

The New Normal in an Online World: Cyber Liability

In the world of cyber insurance, last year’s policy was designed for last year’s threats. But with new, more sophisticated threats emerging all the time, it is imperative to review and reevaluate your clients’ policies on a regular basis...

2min 18sec

Questions to Ask

Do you store sensitive data about your clients such as personal, financial or medical information?
This isn’t just credit card information, some provinces define personal data as items as simple as name and postal code. With tough government regulations and laws, there is a lot of responsibility for business owners to safeguard their data or become liable for the loss.
Does your organization use computers, mobile devices and/or the internet?
You or your client may be careful, but what about their employees? How many have left their phone behind some place or left a laptop unattended? What about small data storage devices like USB drives? Not to mention phishing schemes. All of these can make your information an easy target for thieves.
Are you aware of the costs associated with a data breach? How could a data breach affect your business from a financial and reputational standpoint?
The average data breach costs $9.4 million which is up from $8.9 million in 2012. Average cost post-breach response services are around $1.4 million. Such costs typically include help desk activities, inbound communications, special investigative activities, remediation activities, legal expenditures, product discounts, identity protection services and regulatory interventions.
Can you trust every one of your employees?
What if an employee stole client information for a personal benefit? What if they lost confidential data or even made an error and submitted sensitive customer information to the wrong recipient?
Do you understand all of the regulatory, state and federal laws surrounding data breaches?
If you suffered a breach would you know what to do? Do you know how quickly you needed to notify customers? What additional services do you need to provide customers that were affected in the breach?

At Burns & Wilcox our expertise becomes your expertise. Our marketing materials are designed to help you give your clients what they want to hear – yes to almost any hard-to-place-risk.

$55,000

One of the nations’ largest clinical health information networks $5M limit written excess of a primary $10M limit

$2,478

Health care administrators $1M limit with $5K retention

$51,000

Software distributor $20M limits. 4 carriers stacked at $5M limits each

$17,000

Grocery store with ecommerce $1M limit with $25K retention

$11,500

Outpatient mental health. $1M limit

$7,500

Accountant. $5M limit

$7,500

Management consultant. $5M limit

Applications for this product may vary. Please click below to find the office nearest to you for assistance.

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