Cyber crime and data breaches 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 2013. 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.
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.”
Allianz Global Corporate & Specialty SE 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, Energy, Engineering, Financial Lines, Liability and Property insurance (incl. International Insurance Programs).