Co-operators launches enhanced cyber-insurance coverage for businesses

The new product aims to respond to unique client needs

Canadian insurer the Co-operators has revamped its cyber insurance offers for business policyholders.

The co-operative group says the product will protect 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.

Cyber Guard Select, offered as an upgrade to the standard Cyber Guard coverage, will provide higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons to address business risks, including crisis management, payment card loss, and cyber extortion threat coverage.

“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,” said Michael Spadafora, AVP National Product Portfolio, Commercial & Farm Management at Co-operators.

“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,” he added.

Related: FBI warns farm co-ops of heightened cyber threat

Set up over 70 years ago, the Co-operators has more than $61.5bn in assets under administration. Its members include credit unions and co-operatives, which will be able to benefit from the new insurance product.