Corporate Identity Protection (CIP)

CIP Insurance deliver protection against the theft or accidental release of your customers and employees personally identifiable information regardless of whether an actual identity theft results; providing access to vital services to assist potential victims of identity theft in recovering from an incident, which ultimately can mitigate damages incurred.

In Canada, the handling of personal information by all commercial organizations is regulated by the Personal Information Protection and Electronic Documentations Act (PIPEDA) or substantially similar legislation enacted in British Columbia, Alberta and Quebec. In the same way, over 44 states in the United States have passed laws requiring that businesses must notify consumers if their personal information has been or may has been compromised.

Failure to properly respond to an information breach or data spill can result in severe civil and regulatory penalties, administrative expenses, legal liability and defense costs—and perhaps most costly of all—damage to reputation and loss of customer confidence.

Crisis Management Response

Businesses may have to navigate multiple privacy laws and regulations to respond to any unauthorized release of personal identifiable information. Businesses now recognize that damage to their reputations and the loss of employee and customer loyalty after an unauthorized release becomes public could prove costly. In the face of such a crisis, the value of an effective and rapid communication program, combined with practical assistance for the victims cannot be underestimated.

Stolen Identity Liability

Businesses are understandably concerned with the civil liability they may face as result of identity theft based on unauthorized release of personal information. Several lawsuits already have been filed and it’s possible that future settlements of these or other lawsuits will make headlines and adversely affect your corporate balance sheet.

Identity Event Services

By providing services for identity theft victims, a business demonstrates its commitment to the needs of consumers. This demonstration of good faith has proved to the valuable asses in retaining customers, maintaining employee satisfaction and preventing costly actions.

• Legal liability damages
• Defense costs, regardless of whether the allegations are groundless or fraudulent
• Regulatory and/or Administrative action expense
• Notification costs to inform individuals whose personal identifications may have been compromised
• Crisis expenses that responds to crises events, with public relations or legal assistance to restore the confidence of customers
• Post event services, which includes identity theft recovery services for victims such as education, assistance and credit monitoring

Cyber Extortion

Cyber Extortion is a crime involving an attack or threat of attack against an enterprise, coupled with a demand for money to avert or stop the attack. Cyber Extortion can take many forms. Cyber criminals have developed ransomware that can be used to encrypt the victim’s data. The attacker then demands money for the decryption key. As the number of enterprises that rely on the Internet for their business has increased, opportunities for cyber extortionists have also increased.