The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced data breach coverage enhancements for businesses and complimentary access to a suite of online tools to help prevent the loss or theft of personal information.
"One of the most negative consequences of a data breach is the loss of customer loyalty," said Derrick Hughes, vice president for HSB BI&I.
"Consumers hold businesses accountable for the loss of their personal information. They expect to be notified when it happens so steps can be taken to protect themselves from identity theft."
HSB BI&I introduced data breach coverage in 2011 through its reinsurance partners to help organizations respond to the financial burdens of a data breach. The coverage can pay for legal and forensic review, notification and fraud alert and case management services for identity theft victims.
HSB BI&I has enhanced its data breach insurance to cover personal data in the custody, care and control of a third party; known malware-related data breaches; notification to the Privacy Commissioner and public relations services.
In addition, policyholders of HSB BI&I’s and its partner insurance companies will receive access to eRiskHub, a Web portal, supported by NetDiligence, for data breach risk mitigation. The website provides users with resources and tools to help establish a response plan, manage the costs and minimize the effects of a data breach.
The Boiler Inspection and Insurance Company of Canada, a member of the HSB Group and part of Munich Re’s Risk Solutions family, provides the industry-leading range of specialty equipment breakdown insurance coverages for business and home.
As Canada’s leading equipment breakdown insurer, the company helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies, and an in-house team of jurisdictional and loss-prevention inspectors.