CO-OPERATORS LAUNCHES ENHANCED BUSINESS CYBER COVERAGE
Apr 26, 2022
Co-operators holistic cyber-insurance offers greater protection for Canadian businesses.
GUELPH, ON, April 26, 2022 – Co-operators General Insurance Company (CGIC) is excited to announce the launch of enhanced cyber-insurance coverage for Business policyholders. Cyber Guard protects business owners for unexpected expenses and/or costs of complying with privacy laws if their confidential information is compromised, and lost income or increased operating costs due to a privacy breach event. This coverage is included on eligible Co-operators Business insurance policies.
Cyber threats remain among the most damaging to an organization’s reputation and bottom line. With the current geopolitical climate elevating the risk of cyber threats, and the Canadian Centre for Cybersecurity identifying an escalating risk of cyber threats to Canadian businesses, this launch is ideally timed for business owners who are looking to increase their coverage and customize their protection against digital exposure. Available as an upgrade to the standard Cyber Guard coverage, Co-operators Cyber Guard Select provides higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons to address unique business risks.
“Responding to the unique needs of our clients is central to our holistic approach and that compelled us to deliver a solution that addressed the complex and unpredictable nature of today’s digital security threats,” says Michael Spadafora, AVP National Product Portfolio, Commercial & Farm Management at Co-operators. The nine optional add-ons include crisis management, payment card loss, and cyber extortion threat coverage, making Cyber Guard Select a complete cyber insurance package for Co-operators Business policyholders.
As many businesses continue to recover from the unprecedented challenges of the last two years, they also evaluate what services are necessary to maintain their operations. No business is immune to cyber threats. The unauthorized release of sensitive information can cause significant harm to the hard-earned reputation of business owners who can ill afford additional financial barriers. “Canadian businesses have to be vigilant in defending their companies from any number of vulnerabilities and Cyber Guard Select empowers them with flexible options to meet that objective,” said Spadafora.
For eligible Co-operators Business insurance policies, Cyber Guard and Cyber Guard Select includes free access to claims support, emergency-response services, and prevention tips from Co-operators’ dedicated risk-management partner, CyberScout® (a SontiqTM brand).
Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. The company has more than $61.5 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 76 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights’ Best 50 Corporate Citizen in Canada and is listed among the Best Employers in Canada by Kincentric. For more information, please visit: www.cooperators.ca
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