Ontario-based The Commonwell Mutual Insurance Group has announced two new cyber-security products aimed at protecting Canadian businesses against the growing risk of cybercrime.

CyberOne and Data Compromise, which will be launched on November 14, provide cover for farms and small businesses against the unique risks of data and privacy exposures, and cyber-attacks.

Learn more about data breach insurance products here.

The launch of the products comes just weeks after the DDoS attack that caused major disruption on both sides of the Atlantic in October, knocking a number of major websites offline.

The new additions will service a multitude of farm and commercial entities throughout Ontario, helping them to protect their business’s information assets in an increasingly hazardous online realm, the company said in a release.

“Virtually every business has data on clients, employees and others which can be stolen, electronically ‘hacked’ or lost through accidental or inadvertent release,” Tim Shauf, president and CEO of The Commonwell Mutual Insurance Group said in a statement.

“Data breaches and cyber-attacks are a growing problem, and can significantly impact a business’s bottom line. We created these products to protect and assist Canadian businesses in responding to the financial burden and service expectations triggered by an electronic infringement.”

CyberOne coverage protects businesses against damage to electronic data and computer systems from a virus or other computer attack, as well as protecting a business’s liability to third parties that may have suffered damage due to security weaknesses in the business’s computer system.

Data Compromise protects a commercial entity when there is data breach, theft or unauthorized disclosure of personal information and is designed to help businesses notify and assist their clients, employees and others affected by the breach.

It also allows for specialized services such as credit monitoring and identity restoration that helps businesses retain their clients’ and employees’ trust and goodwill following a breach.

Related stories:
Chubb unveils liability coverage package for family offices
Cyber’s low market penetration presents opportunities – and risks