Privacy, Cyber & Network Security Insurance

Cybersecurity: Think Before You Click

Download these resources from the Canadian Centre for Cyber Security and the Cybersecurity and Infrastructure Security Agency (CISA) to develop prevention strategies, best practices and respond to incidents by developing and preparing your organization and employees. Take steps to be secure online today and protect your data.

Develop an Incident Response Plan

Detect, respond & recover.
Ransomware

Understand the ransomware threat and take action.
Cyber Essentials Toolkit

Build cyber readiness.
Multi-Factor Authentication

Secure your identity online.
Phishing Tip Sheet

Protect your information from malicious emails.
Cyber Secure at Work

Keep your data, customers, and capital safe and secure.
Online Privacy

Reduce the risk of becoming a cybercrimes victim.
Cybersecurity Starts with You!

Protect yourself and others.

NetDiligence® eRiskHub through MEARIE

MEARIE has partnered with NetDiligence® to provide Members with an interactive, online cyber risk management platform. It gives access to valuable risk management tools, news and training resources. NetDiligence® eRiskHub helps you understand your cyber risk exposures, establish a response plan and minimize the effects of a breach in your organization.

Privacy, Cyber & Network Security Liability Insurance Coverage

MEARIE offers Privacy, Cyber & Network Security Liability Insurance as an optional endorsement to the MEARIE Liability Insurance Program. This complement to your policy provides protection against claims of damage resulting from an electronic or non-electronic privacy breach or a network security failure.

Heightened Cyber Exposure due to a Convergence of Three Trends

Increasing reliance on technology - digitization of business
Increasing value of non-physical assets - relationship between cyber risks and multiple classes of insurance
Increasing moral and legal obligation - from the public, regulator, insurer
- Regulators' intensified focus on protecting consumer data
- Regulation not moving as quickly as cyber criminals

Privacy remains the prevalent exposure and has historically driven the purchase of insurance.

Impact on Your Company

Cost & Disruption

An incident can create downtime to internal systems, and require staff attention and effort, without ever causing disruption to actual revenue flow - but creating disruption and additional expense for the company related to:

Internal Resources
External Resources
Communication & Notification
Customer Demands - Short & Long Term
Regulators - OEB & Privacy

What Makes Up the Cost of Loss?

Whether an incident originates from a technology-based source or just an employee's physical mishandling or private information, the result is the same: private information gets exposed and/or your computer system environment is compromised.

Direct Costs

Involves funds spend to accomplish a given activity such as engaging forensic experts, hiring a law firm or offering victims identify protection services.

Indirect Costs

Involves the allocation of resources, such as an employee's time and effort to notify victims and investigate the breach. Indirect costs also include the loss of goodwill and customer churn.

Detection & Escalation Costs

Includes forensic and investigative activities, assessment and audit services, crisis team management and communications to execute management and board of directors.

Notification Costs

Includes the creation of contact databases, determination of all regulatory requirements, engagement of outside experts, postal expenditures, email bounce-backs and inbound communication set up.

Post Data Breach Response Costs

Includes help desk activities, inbound communications, special investigative activities, remediation, legal expenditures, product discounts, identifying protection services, and regulatory interventions.