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Cyber Security Insurance Coverage with BSMW

Protect your business.

Cyber Insurance: Latest Update for Canadian Businesses Liz Oke 2018-11-13T11:41:29-05:00

Stay Protected. Get Cyber Insurance Coverage Today!

IS YOUR BUSINESS READY FOR MANDATORY PRIVACY BREACH REPORTING AND OTHER TYPES OF CYBER LOSS?

Effective November 1st, 2018, all Commercial Activity Organizations are subject to Mandatory Privacy Breach Reporting. The exceptions are Non-Profit organizations unless they sell or release for example, members lists to outside organizations.  For Non-Profit Organizations the point to remember is that even though you may be exempt what would your donors, members etc. expect you to do for their benefit in the event of a data breach?

Commercial activity is defined in the act as any particular transaction, act or conduct, or any regular course of conduct that is of a commercial character.

As of November 1st, 2018, all Commercial Activity Organizations that experience a data breach will have the following obligations to which they must adhere.

  • Identify individuals whose information was involved in the breach by conducting a risk assessment. The assessment of risk must consider the sensitivity of the information involved and the probability that the information will be misused;
  • When the organization considers that a breach is posing a real risk of significant harm, it must notify affected individuals and report to the Privacy Commissioner of Canada (the Commissioner) as soon as feasible;
  • The organization must notify any other organizations that may be able to mitigate harm to affected individuals; and
  • The organization must maintain a record of any data breach that the organization becomes aware of and provide it to the Commissioner upon request.
  • Also conducting business with individuals or businesses in the E.U. brings you under their protocols, which are far more onerous than those in Ontario or Canada.

We have not seen the final amendments to the original PIPEDA Act. (Personal Information Protection and Electronic Documents Act).  We do know that amendments to the original act as stipulated above will be implemented November 1st, 2018.

As more information is released, we will make that information available on our website under the heading “The Digital Privacy Act”.  If you send me an email, I will forward to you additional information as it is received rather than you having to check our website.

If your organization has delayed the purchase of this relatively new coverage it has now become in my opinion, a mandatory component of your Insurance Portfolio. This coverage is often being mandated by other commercial enterprises with whom you are doing business. Expect this trend to increase.

When discussing Cyber Risk, “my data is in the cloud” is a common reaction by Insureds, who equate this to safety.  Not Correct! In fact the contracts with cloud providers excuse them from responsibility in almost all circumstances! Similarly “my data is kept, housed, used by, or at a third-party service provider”.  If it is your data you are responsible for its demise and the associated costs and damages resulting from the breach!

Cyber exposure is not just the mandatory reporting requirement that I have discussed. Cyber exposure is multifaceted as are Cyber Insurance coverages. Cyber Insurance normally includes payment for mandatory reporting associated costs and potentially a host of other coverages such as, Business Interruption and Extra Expense Coverage, Digital and Written Record Recovery Costs Coverage, Extortion Coverage, Social Engineering Coverage, Third Party Liability Coverage for your At-Fault Cyber and Network Security Liability activities that harm others, including Electronic, Social and Printed Media Liability that causes harm to a third party.

Cyber Insurance also includes Cyber Coaching in the event of an incident. This entails a group of dedicated specialists that can lead you through a cyber event.  This service is available 24/7, 365 days/year via an 800 number, all courtesy of your Insurer as a value-added service. This is specific to the Insurer we prefer as an Underwriter of this class. You know what to do if you have a water loss but can you instinctively react to a cyber loss? Probably Not! The first four (4) hours post-event are critical! This is the purpose of Cyber Coaching!

We cover all types of businesses.

Dance Studio? We cover that.
Ventriloquist and Magician? We cover that.
Rubber bullet distributor? We cover that too.
The bigger the challenge, the better.

We also offer bundle solutions, so you can mix business coverage together, all at a great price that will meet all of your needs.

Also, when you call or email us, our agents are there for you, with courteous and informative solutions, every time.

Have an existing plan with another insurance provider? We are happy to provide you a free assessment of your current coverage and make any recommendations of gaps that need to be filled.

Get in Touch

Examples of Businesses We Insure:

dance studio insurance with BSMW

Dance Studio Insurance

To ensure that you have the proper coverage for your dance studio, we will work with you to cover all of the bases. Managing a small, thriving business is hard enough, we will get you covered on the insurance side.

Martial Arts Studio Insurance with BSMW

Martial Arts Studio Insurance

When looking for the right insurance coverage for your Martial Arts club, make sure you have the right coverage for you, instructors, and students. Many policies offer “full coverage” while excluding liability coverages; which in the event of a claim will leave you vulnerable to financial losses. *Excludes MMA

laundromat insurance with BSMW

Laundromat Insurance

There are more hazards than suds in a Laundromat. Machine malfunctions, ruined clothing, slip and fall liability are just a few of them. However, one of the saddest situations we ever heard was a situation when one hard-working laundromat owner only dutifully insured his washers, dryers and pressers.

car wash insurance with BSMW

Car Wash Insurance

How long will your Markham auto wash business last if you can’t wash any cars? This is just the type of question that car wash insurance can answer and protect you from.

autofleet insurance coverage with BSMW

Autofleet

Our commercial agents will be able to find the most comprehensive product at a competitive price for your unique needs. With our exposure to a wide range of insurance companies, we are able to get the most competitive premium for your vehicles.

contractors insurance Coverage with BSMW

Contractors Insurance

As a contractor, each job you win brings in extra money but it also brings extra risk. The same contractor’s insurance that protected you for a one-man project may not protect you during your new multi-year commercial deal.

Electrician Insurance Coverage with BSMW

Electrician Insurance

Even when an electrician finishes a job, there is plenty more work to be done. You may have tightened up the last wires and flipped the switch but the liability from your work goes on and on. That is why you need a great electricians insurance policy.

commercial farm insurance with BSMW

Commercial Farm Insurance

Farming is hard work. We get it. We want to make it easy to make good insurance decisions. We will work hard to make sure you are covered with the right coverage that fits your needs.

property management insurance with BSMW

Property Management

When establishing yourself as a professional property manager, it is important to acquire appropriate insurance to protect your business, yourself and the properties you manage for others.

restaurant insurance with BSMW

Restaurant Insurance

As a restaurateur, you know that there are many ingredients needed to run a successful business. Don’t get caught overlooking a critical piece by exposing your restaurant to unneeded risks–get a restaurant insurance policy.

Convenience store insurance with BSMW

Convenience Store

When an employee steals from you it hurts. In addition to being a violation of trust, it costs you. Not only does it hurt because of product loss but it can result in higher insurance costs because of persistent claims.

salon insurance coverage with BSMW

Salon & Barber Insurance

If you already own a salon or barbershop then you already know how seriously your clients take their hair and looks. You probably also know the growing number of lawsuits being filed by some dissatisfied clients.

law firm insurance

Law Firm Insurance

Your law firm deals with liability every day as part of its business but have you taken care of the liability in your business? A lawyers professional liability policy can give you the peace of mind that your firm can survive a lawsuit arising from a liability claim.

Montessori School insurance

Montessori School

One thing that a Montessori school and a Montessori insurance program have in common is that no two are created equal. Finding the best Montessori school insurance coverage requires some due diligence and asking the right questions. We can help.

Auto dealership insurance coverage

Auto Dealer Insurance

As an auto dealer, you have some obvious risks since the value of your business sits on display in showrooms and on open lots each day and night. But does your auto dealer insurance policy also consider the liability inherent in business transactions?

towing business insurance

Towing & Recovering

Your liability in towing and recovery comes from the vehicles you drive, the cargo you tow and the property you garage. Each poses risks that you can protect against by having the right towing business insurance coverage.

Get AIRBNB Insurance Coverage with BSMW

Airbnb Hosting

If you are managing one or more Airbnb properties, you may need more than the insurance coverage that is offered by Airbnb. Extra insurance will help you in the event of flooding, theft or personal injury by Airbnb guests. Make sure you learn the facts and get the coverage you need.

Business Liability Insurance Coverage with BSMW

Board Member Insurance

Do you serve on a board of directors? Whether it is paid or volunteer, you are in charge of the direction of a particular organization and can be held liable for financial losses, wrongful dismissal, discrimination, breaches of environmental or tax law and more. Make sure you have the proper insurance coverage.

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