Allianz Cyber Protect Helps Canadian Companies Defend Against Rising Threat of Cyber Crime
Coverage provides access to IT crisis response team to minimize damage and get businesses up and running again
TORONTO--(BUSINESS WIRE)--Cyber crime and data breaches now cost the global economy about $445 billion annually, and it is estimated that more than 800 million individual records were affected by cyber crime in 20131. In response to the growing cyber criminality threatening Canadian companies, industrial insurance specialist Allianz Global Corporate & Specialty (AGCS) has launched Allianz Cyber Protect™, a comprehensive suite of coverages with market leading capacity to protect a company in the event of a data loss or a cyber security incident.
“The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security. Thus effective risk transfer is an important tool for the risk manager”
Allianz Cyber Protect includes broad Business Interruption capabilities as well as access to a panel of public relations consultants and forensic IT experts who will work with AGCS clients to manage a cyber incident to minimize financial loss and reputational damage.
According to a study by Ponemon Institute released in June 2014, 56 percent of Canadian companies surveyed state that their organization is not protected from advanced cyber attacks and 59 percent do not believe they have sufficient security to prevent cybercriminals from stealing corporate information2. The IBM/Ponemon 2014 Cost of Data Breach Study reports the average cost to a company of a data breach was US $3.5 million, 15 percent more than what it cost last year3. Allianz Cyber Protect is being launched as the Canadian Government is reviewing legislation that will better protect Canadians’ privacy and increase consumer trust in the digital economy.
“The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security. Thus effective risk transfer is an important tool for the risk manager,” said Terri Mason, Head of Professional Indemnity for AGCS Canada. “Allianz Cyber Protect is a comprehensive, worldwide cover that ranges from protection that can be issued at short notice to a completely tailor-made solution based on a company’s individual requirements.”
Key elements of Allianz Cyber Protect include:
- A comprehensive policy offering cover up to a limit of C$75 million and covering a broad range of cyber exposures;
- Three levels of business interruption cover that can be customized to each client’s unique needs;
- Immediate access to an IT crisis response team to resolve the incident with a full range of services, including IT forensic services, (including notification services and credit monitoring services, as needed), media crisis management services and specialist legal services. AGCS partners include global consultants Dell SecureWorks, Incoming Thought Ltd. and E-merging Technologies Group Inc.
Mason added, “Companies are facing attacks on a daily basis and it is no longer only the Fortune 500® companies that have to deal with cyber crime. Hackers can infiltrate small and mid-size businesses with devastating financial and reputational consequences. We have also seen criminals hacking into the systems of smaller firms as a way of ‘piggy-backing’ access to the larger companies they partner with.”
Additional information on Allianz Cyber Protect is available at AGCS Canada.
1 McAfee and CSIS, Net Losses: Estimating the Global Cost of Cybercrime, Economic impact of cybercrime II, June 2014, http://csis.org/files/attachments/140609_McAfee_PDF.pdf
2 Exposing the Cybersecurity Cracks: Canada, Sponsored by Websense, Inc., Independently conducted by Ponemon Institute LLC, June 2014, http://www.websense.com/assets/reports/report-ponemon-2014-part1-summary-canada-en.pdf
3 2014 Cost of Data Breach Study: Global Analysis, sponsored by IBM, Ponemon Institute LLC, May 2014. http://www-935.ibm.com/services/us/en/it-services/security-services/cost-of-data-breach/
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty SE (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Financial Lines (incl. D&O), Liability and Property insurance (incl. International Insurance Programs).
AGCS Americas has over 900 employees across 20 major cities in the U.S., Canada and Mexico with head offices in New York and Chicago. The Company’s engineers, underwriters and claims specialists have deep expertise in insurance and risk management in marine, aviation, energy, property, casualty and construction, with gross premiums in the Americas totaling $1.7 billion in 2013.
Worldwide, AGCS operates in 28 countries with own units and in more than 160 countries through the Allianz Group network and partners. It employs more than 3,500 people and provides insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €5 billion gross premium worldwide annually (2013). AGCS is rated AA by Standard & Poor’s and A+ by A.M.Best (July 2014).
For more information please visit www.agcs.allianz.com or follow us on Twitter @AGCS_Insurance