A question that I often get from clients is one about cyber-insurance. In light of the recent passing of Bill S-4, better known as the Digital Privacy Act, the Personal Information Protection and Electronic Act has now been amended to include mandatory breach notification provisions. While these mandatory breach notification provisions are not yet in force, it is a good time to review your cyber-insurance coverage.
A nightmare scenario for any business: you’ve been hacked. The hackers have gained access to countless client records including credit card and other financial data. The expense of dealing with the breach, and the damage to business reputation could be crippling. How best can businesses insure themselves against this and other cyber risks, and what are the legal issues involved?
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