The Sovereign advantage

You pay attention to the headlines, but what you don’t hear about are all the cyber-attacks managed outside of the news cycle. Between hackers and human error, no industry can guarantee their technology infrastructure is 100% secure. Any business that has a responsibility to care for their corporate, employee, customer or business associates' information is vulnerable to cyber risks.

All companies face these cyber exposures plus additional concerns like satisfying demanding customers and meeting ever changing project requirements. Any technology company that provides a service or product has a responsibility to fulfill their contractual obligations.

A proactive risk management approach is your best defense. Insurance is just one strategy within the broad risk management solutions we offer to protect your bottom line and reputation from unknown and unforeseen risks.


Expert team

We provide risk management education and consulting to help you keep pace with the rapidly changing risks of new technology and data regulations. We participate in think tanks, conferences and research endeavours so we can pass this knowledge on to you.

Risk-based solutions

We’re experienced in assessing and underwriting all kinds of risks from trailblazing startups to established industry leaders. We work with you and your broker to deliver the insurance solutions your business needs – protecting you today and as your business and technology evolve.

Dedicated partner 

We’re invested in our partnerships long-term and take these relationships very seriously. We collaborate with your broker, breach coach, legal counsel, technology firm – you name it – to make sure every seat at the table is working together in your best interest.

Coverages designed to protect your business

We offer a broad range of insurance coverages to reflect the specific risks faced by your business. Explore some of our key Technology and Cyber coverages below.

Professional Services Liability (E&O) (available for Technology clients only)

Professional Services Liability (E&O) (available for Technology clients only)

Coverage Snapshot 

While you always do your best to uphold the highest quality of work, the truth is that nobody’s perfect – mistakes can happen. If a client is unhappy with your technology product or services they may file a suit against you, holding you responsible for their financial loss. Professional Services Liability coverage protects your business with coverage defense, settlements and judgments for lawsuits by clients for actual or alleged errors or omissions.


Imagine a scenario where... 

You’re a systems designer and you just delivered the first phase of a project to your client. As they review, they find that a critical requirement has been overlooked. Incorporating the requirement into the system will cause the project to miss its deadline and ultimately set the launch date back. Whether it’s your mistake or their miscommunication, your client will suffer a financial loss and they decide to file a suit against you for damages.

e-Media Liability

e-Media Liability

Coverage Snapshot

Your web and social media presence empower you to connect with your clients and engage them with your brand. But you also need to be careful because a post can be virtually impossible to retract or delete. Once it’s published, it’s public! We can protect you from lawsuits brought against your websites and social media content for claims of defamation, libel, product disparagement and infringement of intellectual property.


Imagine a scenario where...

Your AI technology company is launching a new product that’s very advanced for the industry. As part of the product launch marketing campaign, you update your website with a side-by-side comparison of your product to those of your competitors. In the review, you inadvertently make a false statement about one of your competitors’ products. The misinformation ends up damaging your competitor’s reputation. They decide to file a lawsuit against you for defamation.

Network Security Liability

Network Security Liability

Coverage Snapshot

Your business is part of an interconnected ecosystem of networks that talk to each other daily. If your system is taken down or you transmit a virus to a partner network, we can help. Network Security Liability provides coverage for a failure of security, including system intrusions and theft or loss of mobile equipment. The coverage extends to outsourced data processing and data storage services.


Imagine a scenario where...

You’re a food and beverage manufacturer who relies on a network of suppliers, wholesalers and distributors to get your products onto grocery shelves. A virus is accidentally downloaded to your logistics system and passed along to your network of partners. The transmitted virus corrupts their systems and halts their operations – and yours too. Your partners sue you for their financial losses.

Privacy Breach Liability

Privacy Breach Liability

Coverage Snapshot

Data is the lifeblood of a thriving, competitive business. The insights enable you to optimize operations, measure performance, isolate your competitive advantage, improve customer personalization and ultimately increase your revenue. But with big data comes big responsibility and the need to protect it. Privacy Breach Liability covers you if the personal information you hold is lost, compromised or accessed without authorization.


Imagine a scenario where...

You receive an email, from what appears to be your IT department, informing you that your user account has been affected by a recent network upgrade. You’re instructed to click a link in the email to reset your password. What you don’t realize is you’re being phished. The link has created a back door into your system that has comprised your customers' personal information. The policy will respond if the customers file a suit against you for the privacy security breach.

Privacy Regulation Defense and Penalties

Privacy Regulation Defense and Penalties

Coverage snapshot

Privacy frameworks are quickly evolving as data collection becomes increasingly important to every business. If your business is affected by a privacy breach, you must report it to various regulatory bodies. They may require an in-depth investigation and could even decide to issue fines or penalties as a result. Privacy Regulations Defense and Penalties provides defense coverage for breach of privacy law and the disclosure of protected and personal information. It also covers defense for regulatory proceedings and fines and penalties where insurable by law.


Imagine a scenario where...

Your company’s payroll system is infected with a virus that sends your employees’ personal financial information to unauthorized recipients outside the organization. Your IT department tries to manage the situation, but weeks go by and they’re still trying to recall the information and restore the system. By then, one of the recipients advises the Privacy Commissioner that they received personal financial information that doesn’t belong to them. The regulatory body investigates. Privacy Regulation Defense and Penalties can provide coverage for costs to hire legal representation to defend the company and fines by the Privacy Commissioner.

Privacy Breach Expense

Privacy Breach Expense

Coverage snapshot

When you experience a privacy breach, you need to protect the individuals who are affected. But as you take the steps necessary to address the breach, you still have other clients to manage and project deadlines to complete. Company resources are stretched to the maximum making it difficult to respond quickly and effectively. This insurance coverage assists you in getting access to experts who can help manage next steps and mitigate any complications after a privacy incident.

 

Imagine a scenario where...

One of your employees logs in and realizes that their online portal password was reset to the default password setting during a software upgrade. Anyone who knows the default password could have accessed the company’s data online.

In response, you should consider:

  • Investigating to see which clients were affected and what information was accessed
  • Sending affected parties a notification letter to inform them of what happened and what steps you’re taking
  • Implementing credit monitoring and data recovery protections
  • Hiring a public relations firm to help you respond to the crisis

 

Each of these expenses can be managed with the purchase of Privacy Breach Expenses coverage.

Business Interruption Loss

Business Interruption Loss

Coverage snapshot

Whether your business is entirely cloud based or you’ve integrated automation into your bricks and mortar facility, you’re vulnerable to business interruption risks. Because at the end of the day, if the network goes down the business comes to a halt. If this happens, we can help cover your actual loss and extra expenses incurred in the event of a network outage cause by a system disruption that would not be covered by your Property Business Interruption policy.


Imagine a scenario where...

An employee at a brokerage office finds an unmarked USB on the ground. They plug it into their computer to see what’s on it, in hopes of being able to return it to its rightful owner. A virus from the USB takes down the company’s network and halts all business operations. Without the network, business can’t continue.

Digital Asset Loss

Digital Asset Loss

Coverage snapshot

We’ve all experienced the frustration and inconvenience of losing an important digital document we’re working on. Now imagine that loss on a company-wide scale. Digital Asset Loss provides coverage to help restore or recollect your digital assets.


Imagine a scenario where...

You open an email from what appears to be a colleague in another office. In opening the email, you detonate a “logic bomb” which erases all your client agreements and the proprietary software you use every day. Your coverage assists you with the costs associated with hiring a professional firm to help restore your system to its pre-attack level and retrieve the contracts. Digital Asset Loss can also provide coverage to recreate the work lost since the last backup.

Cyber Extortion Threat

Cyber Extortion Threat

Coverage snapshot

Attackers aren’t only behind the scenes, sneaking into your private data and quietly disrupting your businesses. Ransomware is a different game. It can affect active operational data and data backups if your security settings aren’t properly reviewed and tested – so once your files are hijacked, it may prove difficult to use a software restore to get them back. With Cyber Extortion Threat you’ll have coverage for restore costs, negotiation and ransom expenses associated with cyber threats.

 

Imagine a scenario where...

One of your remote employees connects to the company network using VPN. They’re working away when suddenly they’re hit with a pop up on their screen from a blackmailer. The hacker has encrypted your company’s entire database and is demanding $10,000 in bitcoin as ransom to decrypt it. The company is reimbursed for the expenses incurred to negotiate the settlement and pay the ransom.

Stack your team with experts.

In addition to the financial protection provided by your technology or cyber policy, as a Sovereign client, you get access to breach preparation and crisis management services provided by our trusted partner, CyberScout®, to help you navigate the complexities and nuances of data security – often without the expense of hiring in-house expertise.

This includes personalized access to a breach preparedness site, which provides tools and teachings to help you protect your sensitive data and respond if you’re faced with a data breach.

If you suffer a breach, CyberScout experts can help you quickly develop a clear breach response strategy and incident management plan. Services include counseling, crisis management, notification assistance, breach victim remediation planning, media relations consulting and regulatory communication. CyberScout will also provide guidance on your legal obligation to report incidents to the relevant privacy commissioner, notify impacted individuals, and keep relevant records.