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



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.”

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