IDT911, North America's premier identity and data risk management services provider and Northbridge General Insurance Corporation ("Northbridge"), a Canadian commercial insurer with a long history of providing tailor-made solutions, have partnered to offer proactive and reactive privacy breach services to commercial policyholders that manage, store, and share data of all kinds, including customer, credit, patient, and other sensitive information. Included with these services are education, training, and access to experts who assess breach risk and respond should a privacy breach occur. Two solutions are available, catering to small and midsized businesses' needs.
According to a business risk survey, cyber threats are the top business risk concern for executives. Eighty percent of executives and insurance brokers polled said they find it difficult to keep pace with changing cyber threats, leaving their companies exposed to a privacy breach, financial loss, and reputational risk.
Responding to the ever-changing risk landscape, Northbridge will offer two new solutions for customers; a simplified product that bundles various cyber coverages with pre-set limits and pricing and a custom product offering that allows businesses with unique risks to tailor coverage to fit their specific needs. Policyholders will work directly with brokers who understand their business to determine appropriate coverage limits to ensure the best protection for their risks.
"We work hard with our broker partners to understand our customers’ needs and develop suitable and flexible insurance solutions. As cyber threats continue to grow, we appreciate the impact on our customers and have developed our Cyber Risk coverage to help mitigate their exposure," said Lambert Morvan, Chief Underwriting Officer, Northbridge. "Equally important to Northbridge is who we partner with to deliver on that coverage. IDT911’s knowledge of various coverage offerings and their expertise in servicing products, specifically in the Canadian market, made them the obvious choice for Northbridge."
The privacy breach services offered to Northbridge’s Cyber Risk coverage holders include:
An online breach website featuring exclusive resources to help business owners recognize data risks, as well as federal and provincial compliance laws and their notification requirements
Access to IDT911’s online training tools to help businesses better understand privacy risks and manage their data liabilities
Proactive, on-call professional assistance to help companies enhance their data privacy procedures
Response services to assist breach victims and help them avoid identity fraud
Project management services that will help mitigate the total costs that might be incurred as a result of a privacy breach
"We’re excited that Northbridge chose us to support their efforts in creating such a broad coverage and provide proactive and reactive privacy breach services," said Nate Spurrier, Canadian director, IDT911. "Northbridge is consistently offering their policyholders comprehensive and flexible commercial products, backed by knowledge and expertise, and will be one of the first carriers in Canada to address their policyholders’ risks by offering both pre-set and customizable product options."