According to XL Insurance’s Canada Country Manager Cindy Guyatt, "Technology is a significant part of business operations today, yet with all of technology’s advantages, businesses have to be wary and protect themselves against its associated risks. Especially as Canada looks to strengthen its privacy laws, more businesses are seeking ways to safeguard their information and bottom line against technology risks such as security breaches and media liability. To help, we are pleased to offer both tech and non-tech businesses a complete package of cyberliabilty coverages."
"Companies of all sizes and all kinds use technology to perform various business operations – from carrying out business transactions online to storing employee or customer data to marketing via their websites,” according to Scott Schleicher, XL Insurance's Technology E&O manager. “When technology fails or stored data gets into the wrong hands, businesses are susceptible to website disruptions, network breaches, lost data or other technological issues.”
"XL Insurance tailors a client’s individual coverage to address the specific technology risks of its industry. Given the amount of stored private client information, these coverages have become particularly valuable to service providers such as lawyers, real estate or insurance agents, and medical offices," explained Mr. Schleicher.
Provided by the Canadian branch of XL Insurance Company Limited, XL Eclipse offers a wide range of cyberliabilty coverage under one policy form, including:
- Network Security Liability
- Media Content Services Liability
- Privacy Liability
- Extortion Threat
- Crisis Management
- Business Interruption
- Credit Monitoring
- Privacy Notification Costs
- Regulatory fines
XL EclipsePro offers these cyberliabilty coverages but also incorporates technology E&O to address the professional liability needs of technology products and service providers.
About XL Insurance
"XL Insurance" is the global brand used by member insurers of XL Group plc (NYSE: XL). More information about XL Insurance is available at www.xlinsurance.com. XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. More information about XL Group is available at www.xlgroup.com