Many Canadian Companies Remain Uninsurable in 2023 Due to Skyrocketing Breach Costs

Many Canadian companies remain uninsurable in 2023 due to the high costs associated with data breaches. Factors contributing to this include inadequate employee training, lack of multifactor authentication, and insufficient breach response plans. Informatica’s PrivacyDASH™ and Verify Audit Portal (VAP™) offer solutions to help businesses meet insurance requirements by enhancing their cybersecurity posture and ensuring compliance with privacy regulations.

uninsurable in 2023 press release

Attention Business and Technology Editors

Press Release

Release date:
February 27, 2023

Many Canadian Companies Remain Uninsurable in 2023 Due to Skyrocketing Breach Costs

Insurance Companies are rejecting Canadian companies due to cybersecurity gaps and privacy weaknesses. With remediation costs of $1.92M (2022), demand rises for affordable cybersecurity and compliance remediation platforms such as MPC’s PrivacyDash™ and Datarisk’s Verify Audit Portal(VAP™)

Toronto, Canada, February 28, 2023 – Over the past 18 months, Canadian companies have adopted cyber clauses within their business insurance at a rapid pace, leading to 84% adoption across all business sectors. Today, that increase has stopped due to the number of companies that fail to qualify for one or more of the following insurance requirements:

  1. Effective employee training in privacy and security awareness
  2. Multifactor authentication for key systems and applications
  3. Breach response and incident management

“The theme this year revolves around accountability” said Claudiu Popa, President of Managed Privacy Canada (MPC) and Datarisk Canada. “With fresh new legislation in place in the form of Bill 64/Loi 25 and PIPEDA/CPPA, everyone needs a qualified privacy and security manager to deal with potential cyber incidents and breach reporting”.

Accounting firms, law firms and other trusted advisors are finding the Datarisk and MPC portals ideal tools for managing cybersecurity and privacy projects including:

  1. Annual risk assessments
  2. Automatic scheduling
  3. Cybersecurity and Privacy Incident response Table Top Exercises (TTX)

Professionals and advisory firms are encouraged to join the FlexSecure Partner Program directly from www.SecurityandPrivacy.ca.

The Datarisk Verify Audit Portal (www.datarisk.ca/register) and Managed Privacy Canada’s Privacy Dash (www.managedprivacy.ca/register) are available on a first come, first serve basis to all Canadian businesses at a discount until March 31, 2023. Professional services, accounting and law firms are encouraged to register and qualify to become Authorized Privacy and Security Partners as part of the FlexSecure Partnership Program on www.SecurityandPrivacy.ca.

About the Company:

Informatica, through its DBAs, Datarisk Canada and Managed Privacy Canada specialize in managed security and privacy solutions for the small and mid-size market, with products and solutions designed to meet the growing needs of approved professional associations.

MEDIA QUESTIONS:

Media and interviews: Attn: Claudiu Popa, Founder
[email protected]
Address: 1400-18 King Street East, Toronto, On M5C 1C4
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