Allianz Global Corporate & Specialty (AGCS), an industrial insurance specialist, has unveiled its Allianz Cyber Protect, to protect a Canadian company in the event of a data loss or a cyber security incident.

The newly debuted cyber protect plan comprises broad business interruption capabilities as well as access to a panel of public relations consultants and forensic IT experts who will work with AGCS clients to manage a cyber incident to minimize financial loss and reputational damage.

The development of Allianz Cyber Protect comes after a new report, which revealed that Cyber crime and data breaches now cost the global economy about $445bn every year. According to an estimate, more than 800 million individual records were affected by cyber crime in 2013.

The Allianz Cyber Protect, which defends against rising threat of Cyber crime, is being introduced as the Canadian Government is reviewing legislation that will better protect Canadians’ privacy and increase consumer trust in the digital economy.

Allianz Global Corporate & Specialty Canada professional indemnity head Terri Mason said: "The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security.

"Thus effective risk transfer is an important tool for the risk manager.

"Allianz Cyber Protect is a comprehensive, worldwide cover that ranges from protection that can be issued at short notice to a completely tailor-made solution based on a company’s individual requirements."

AGCS offers insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business, including marine, aviation, energy, engineering, financial lines, liability and property insurance.