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Allianz Global Corporate & Specialty offers cyber risk coverage for Canadian firms

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Allianz Global Corporate & Specialty S.E., a unit of Allianz S.E., has launched Allianz Cyber Protect to protect Canadian companies from the risk of data breaches and cyber crime.

The coverage suite has the capacity to protect a company in the event of a data loss or a cyber-security incident, the Munich-based insurer said in a statement.

The product features three levels of business interruption coverage, a limit of up to $75 million and access to a panel of public relations consultants and forensic information technology experts who will work with clients if a breach occurs, according to the statement.

“The sheer number and evolving sophistication of security threats renders it virtually impossible for any organization to guarantee total security,” Terri Mason, Toronto-based head of professional indemnity for AGCS Canada, said in the statement. “Thus effective risk transfer is an important tool for the risk manager.”

“Companies are facing attacks on a daily basis and it is no longer only the Fortune 500 companies that have to deal with cyber crime,” Ms. Mason said. “Hackers can infiltrate small and midsize businesses with devastating financial and reputational consequences. We have also seen criminals hacking into the systems of smaller firms as a way of 'piggy-backing' access to the larger companies they partner with.”

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