1. Cyber Breach, the implications on your business and How I can make your life easier
By Joseph Carnevale, CIP
Partner & Director of Sales
Brokers Trust Insurance Group Inc.

2. Agenda What is a Cyber Breach? Laws have changed
Protecting your business form a cyber breach
How are we different?
Are you and I a good fit?
Set up a meeting

3. What is a Privacy breach?
A privacy breach is the loss of, unauthorized access to, or disclosure of, personal information.
Some of the most common privacy breaches happen when personal information is stolen, lost or mistakenly shared. A privacy breach may also be a consequence of faulty business procedures or operational breakdowns.
Name, address, phone Number, DOB, possibly financial information such as credit card and SIN.
It is NOT a question of if one will happen to your business, but when

4. Laws have changed in Canada
effective date for reporting a breach is November 1st. 4 key areas for steps in responding to a breach to the government:
(1) breach containment and preliminary assessment;
(2) evaluation of the risks associated with the breach;
(3) notification; and
(4) prevention.

5. Protecting your business from a cyber breach
You need an Insurance Policy with the proper limits
Most important part is understanding where your exposures are and what limits of insurance you require - An Experienced broker is essential
In order to do this I would conduct a detailed analysis of your business which will include a Detailed application
Understanding and Calculating your required limits is crucial

6. Understanding your costs/exposure
When you have a cyber breach, you will have the following costs to consider in your calculations (they will vary depending on the size and scenario):
Crisis Management ($1,000 - $25,000+)
Forensic investigation ($2,000 - $150,000+)
Forensic assistance ($1, $200,000+)
Notification ($2 - $5 / affected individuals)
Call handling ($10 - $40 / Call)
Credit/fraud monitoring ($150 / individual per year)
Note: Estimates provided by Intact Insurance

7. Summary of Sample Costs per breach
25 People
100 People
1,000 People
10,000 People
Legal
$5,000
$10,000
$25,000
Forensic Investigation
$2,000
$4,000
Forensic Assistance
$1,500
$12,000
$20,000
Notification
$88
$350
$3,500
$35,000
Call Handling
$171
$682
$6,820
$68,200
Monitoring Costs
$938
$3,750
$37,500
$375,000
Costs per Occurrence
$9,695
$15,282
$79,820
$548,200
Costs per Record
$377.82
$152.82
$79.82
$54.82
Costs do NOT include any expenses for legal defense, regulatory proceedings fines and penalties, PCI fines and assessments or any other liability driven expense.
Note: Estimated provided by Intact Insurance

8. Typical Coverage Available on your Policy
Most Insurers today will offer some sort of Cyber Breach Option on your Commercial General Liability or E&O Policy
These limits tend be low. Usually around $25,000 or $50,00 with many restrictions and sublimit on important items.
There is normally Not an application process for this type of endorsement
You may have not purchased this endorsement and/or it may not suit your needs either
Businesses looking for higher limits are required to complete detailed applications and have practices and people in place to minimize their exposure.
In order to obtain higher limits you must have A consultant review and monitor your business regularly otherwise you will not qualify for the level of coverage that you require

9. Implications of getting hacked
Clearly, Not having a Cyber Policy OR Not having the proper limits may bankrupt your business! We can help you protect your business.

10. Today’s Problem for Business Owners
Not all brokers are comfortable with this type of policy. And for the ones that are, Most of them will just send you a complex application that needs to be completed in order to obtain a quote and wait for you to figure it out
The problem is that Most business owners don’t have the technical expertise to complete the application accurately and may not already have security measures in place in order to obtain the type of insurance and limits that are required
This is a difficult process and one that involves coordinating with different people, firms and skill sets

11. How are we different?
I have teamed up with Brandon Krieger from GoSecure Cyber Security and we work together to provide you with seamless integration between: assessing your current security measures, implementing solutions, ongoing monitoring and your cyber breach insurance policy with the proper limits
We make it easier for you to get the solutions you need to keep your business running, secure and insured.

12. Are you and I a good fit? YES, we are a good fit!
You are A Business owner that understands and appreciates value
Your business Utilizes a data base, has many computers/laptops/servers in your office(s), You have a website or conduct business and transactions over the internet
You keep hearing about other businesses being hacked and you don’t know how vulnerable your own business is and whether you have the proper insurance and limits in place
You want a broker that is innovative, experienced, professional, thorough, has access to many of the best insurers and is well respected.
YES, we are a good fit!

13. How to set up a free no-obligation review
me your name, business name, address, phone number, a brief description of your business operations and provide me with your availability over the coming weeks. I will confirm which date we will meet to review your cyber breach needs at your convenience.