XL launches cyber-liability insurance in Canadian market

XL Insurance Company’s Canadian branch launched two new products offering cyber-liability protection for Canadian businesses.XL Eclipse offers the following coverages under one policy form:

• network security liability;
• media content services liability;
• privacy liability;
• extortion threat;
• crisis management;
• business interruption;
• credit monitoring;
• privacy notification costs; and
• regulatory fines.

XL EclipsePro offers the above cyber-liability coverages. In addition, it incorporates technology Errors and Omissions (E&O) to address the professional liability needs of technology products and service providers.”Technology is a significant part of business operations today,” says Cindy Guyatt, XL Insurance’s Canada country manager. “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.”