MONTRÉAL, October 31, 2014 — Gore Mutual Insurance today announced their partnership with CyberScout, North America’s premier identity management and data risk management services provider, to offer a new privacy breach product, Cyber Risk Management Services, in response to the quickly developing cyber risk landscape. As news of the latest breach hits headlines nearly daily, businesses are undoubtedly thinking about how a breach could affect their business. Small and medium businesses are prime targets due to their often limited security budgets, poor privacy training, and their likelihood of being an access door for a larger score, like the HVAC vendor that opened the floodgates for Target’s data.
A contractor no longer wins bids for projects, a coffee shop’s customers flock to its competitors, or a small professional services company loses a serious chunk of its customer base – a breach can significantly impact a small business, bringing its reputation and financial health to its knees. A large company would purchase a cyber product that covers the costs of PR support, business income loss, repairing networks or systems, and liability exposures from lawsuits, fines and penalties. Small businesses may experience confusion around these policies, not to mention a high cost if they aren’t presented a tailor-fit coverage for their unique needs.
“Small businesses need to approach this risk in a different manner than large businesses,” said Anna McCrindell, VP of Commercial Lines for Gore Mutual. “Since the consequences of a breach can be more severe for a small business, we think that small businesses need to significantly increase their level of risk management to address this risk. This can be done by implementing new encryption software, drafting a breach incident response plan, or properly training employees to eliminate some of the easy to avoid breaches. We have partnered with CyberScout so that all of our commercial customers will have the ability to address this risk proactively through our new products, Cyber Risk Management Services, as well as have support should a breach occur.”
With this policy addition, CyberScout will service all commercial policies with proactive and reactive privacy breach services and tools, including educational material and training modules. Policyholders will have access to on-call professional assistance to enhance data privacy procedures, project management services to help mitigate breach incurred costs, help with navigating federal and provincial compliance laws and notification requirements, and more.
“We consistently modernize our privacy breach solutions to offer best in class services for businesses of all sizes to stay ahead of a privacy breach,” said Matt Cullina, CEO, CyberScout. “We’re thrilled to offer even more Canadian businesses access to important breach services, especially to those businesses most susceptible to a costly and damaging breach.”
To learn more about Gore Mutual’s Cyber Risk Management Services, please contact your insurance broker.
