privacy breach coverage - intact...cyber crime) • impact: 49% of businesses lost customers, 43%...

Educate customers on privacy breaches

Share the latest statistics to raise awareness of this growing threat to businesses:• RISING TRENDS: The financial impact of cybercrime continues to rise year over year and the number of ransomware attacks have

doubled over the past year. Malware attacks cost small organizations more than larger organizations. (Accenture, 2017 Cost of Cyber Crime)

• IMPACT: 49% of businesses lost customers, 43% reported damage to the brand, 41% noted increased expenses and 37% reported decreased revenue after a breach. (Cyber Crime, Why Small Businesses Can Lose Big)

• PREVENTION MATTERS: 97% of breaches can be prevented with basic measures such as anti-virus, anti-spyware and firewalls, policies and protocols for company devices such as laptops and smartphones, and evaluating access to company information. (CyberScout®)

For more information, please take a few moments to review the reference material from the Canadian government and CyberScout.

Explain how privacy breaches happen

Most businesses think a privacy breach could never happen to them. Highlight some of the most common breach scenarios so that they can better protect themselves:

• Lost or stolen laptops or smartphones • Unauthorized access to computer system resulting in unauthorized access to or use of personal customer information • Improper document or office equipment disposal• Theft of paper files holding sensitive personal information

Help customers assess their vulnerabilities

Determine if your customer’s company is vulnerable to a privacy breach by using CyberScout’s Privacy Risk Calculator. By answering a few short questions, your customer can learn more about vulnerabilities in their processes and the inexpensive steps they can take to reduce the chances of a breach occurring.

Focus on the extra services included as part of their coverage

CyberScout’s breach preparation and response services do not draw from the coverage limits and include:• Educational resources• Compliance awareness• Breach counselling• Notification assistance

Privacy breach coveragefor commercial customers

Tips for selling

Walk them through our coverage

Starting at $120 a year, our coverage protects against remediation costs, business interruption loss and certain legal expenses related to the breach, each with limits of $25,000*. Because not every business is the same, our privacy breach coverage also features customizable limits up to $100,000 for most coverages.

Our privacy breach coverage offers customizable limits for all of our coverages:

*Limits over $100,000 are available for these coverages. Please speak to your Intact Insurance representative for more information.

The pricing for these limits are system generated, based on whether the degree of exposure is at a low, medium or high level. Here are some common examples of risks-types that fall into these categories:

Pricing examples at a glance Customers can mix and match coverage limits for our privacy breach coverages (remediation expenses, business interruption, legal expenses and optional third party liability) to better suit their business needs. Different limit combinations and policy information will generate different prices.

Some of the policy information we consider are: type of operations, years in business and total policy.

Base offer Available limits (at additional premium)

Remediation expenses* $25,000 $50,000 $75,000 $100,000

Business interruption* $25,000 $50,000 $75,000 $100,000

Legal expenses $25,000 $50,000 – –

Third party liability* – $50,000 $75,000 $100,000

Exposure level Low Medium High

Examples

Farms Contracting

ForestryMining

Building owners Apartments and condos

Wholesaling

Financial institutionsManufacturing

Healthcare ServicesSchools

TransportationRetail

Hotels & MotelsRestaurants

Per claim and in the aggregate. Certain conditions, limitations and exclusions apply. The information that appears on this document is provided to you for information purposes only. Privacy breach expense offerings are through the Privacy Breach Expense endorsement, Privacy Breach Legal Expense endorsement and Privacy Breach Liability endorsement. Your insurance contract prevails at all times. Please consult it for a complete description of coverage and exclusions. Non-insurance services are provided by CyberScout Inc., an independent third party. These services do not constitute legal advice. If you require legal advice, please consult a lawyer. Intact Financial Corporation and its affiliates assume no responsibility for making the services available to you or for your use of the services. ®Intact Insurance Design is a registered trademark of Intact Financial Corporation, used under license. © 2020 Intact Insurance Company. All rights reserved.

Put the value in perspective

Emphasize the coverage benefits for a low cost-per-day in comparison to the cost of a breach. Depending on the risk exposure and the amounts of insurance, the premium may cost less than the price of a coffee per day.

ScenariosBecause policy information can impact premium, we’ve assumed the customers have been operating for 5 years and we have used the typical premium for that class of business to calculate the privacy breach coverage premium.

Low Exposure Medium Exposure High Exposure

THE CUSTOMER OPERATES A BUILDING CONSTRUCTION COMPANY.

BASE SCENARIORemediation expenses (RE): $25,000 Business Interruption (BI):$25,000. Legal expense (LE): $25,000

ANNUAL PREMIUM: $120Price per day: $0.33

Optional: Third party liability (TPL): $50,000


TOTAL ANNUAL PREMIUM: $197Price per day: $0.54 cents

SCENARIO 1Remediation expenses (RE): $50,000 Business Interruption (BI):$50,000 Legal expense (LE): $50,000





SCENARIO 2Remediation expenses (RE): $100,000 Business interruption (BI): $100,000Legal expense (LE): $50,000




TOTAL ANNUAL PREMIUM: $417Price per day: $1.14

THE CUSTOMER OPERATES A LARGE HARDWARE WHOLESALING OPERATION.






SCENARIO 1Remediation expenses (RE): $50,000 Business Interruption (BI):$50,000 Legal expense (LE): $50,000










THE CUSTOMER OWNS SEVERAL DENTAL CLINICS.






SCENARIO 1Remediation expenses (RE): $50,000 Business Interruption (BI): $50,000 Legal expense (LE): $50,000










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privacy breach coverage - intact...cyber crime) • impact: 49% of businesses lost customers, 43%...

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