Mandatory Breach Reporting: How to Stay Compliant

Your insurance program needs cyber liability insurance now more than ever!

On November 1, 2018 the Government of Canada quietly pushed forward mandatory data-breach disclosure obligations for Canadian businesses. The mandatory breach reporting and recordkeeping provisions of Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) are now in force, and businesses need to stay in compliance.

What does this mean for your business?

The mandatory recordkeeping provisions require organizations to:

• Keep records of any loss of, unauthorized access to, or unauthorized disclosure of, personal information resulting from a breach of an organization’s security safeguards
• Notify individuals about privacy breaches if it’s reasonable to believe the breach creates a “real risk of significant harm” to the affected individuals
• Report the breach to the Office of the Privacy Commissioner of Canada and others in certain circumstances

What should your business do?

1. Determine your obligations under the new laws and regulations
2. Review, update or develop policies and procedures to meet your new obligations, including: risk assessment; notification to individuals; reports to regulatory bodies; notices to third parties; and especially recordkeeping
3. Review your incident response plan. It should have a clear framework to identify the steps your business will take when a breach occurs
4. Identify outside specialists who can assist your business in preparing and responding to breaches
5. Implement appropriate training and awareness programs for anyone in your organization that handles sensitive information
6. Buy Cyber Liability Insurance!

Cyber Liability Insurance

Traditional insurance policies are not enough! Policies for property, business interruption, general liability, and crime either specifically exclude cyber related losses or provide coverage only in very limited, specific circumstances. With no insurance in place, the cost of recovering from a cyber breach could put you out of business and your employees out of a job.

Cyber Liability policies will pay for the experts you need. Organizations that suffer data security breaches need expert help. Proper cyber insurance policies can give policyholders “front-of-the-line” access to the best personnel needed to survive a data breach incident, including legal, forensic IT, crisis management consulting, and credit monitoring services.

HUB’s exclusive cyber solution can provide your business with coverages and pricing that are superior to other policies in the marketplace.

HUB’s cyber solution delivers:

• Simple application with only a few questions
• Coverage for cyber extortion and ransomware
• Protection of data hosted on a third-party network (with a written contract)
• Crisis management (legal and PR advice)
• Forensic investigation of incident cause and scope
• Customer notification and credit monitoring
• System/data restoration and remediation
• Loss of business revenue
• Regulatory proceedings included
• Liability coverage for invasion of privacy rights and virus transmission

With coverage, if your business is breached you can count on:

Being contacted by a network security specialist within 60 minutes or of reporting a breach via a dedicated call-in number, in order to assess the situation. Within three hours you will have a legal opinion, and steps toward a recovery plan.

For more information or to get a quote, contact Derek May.