Berkshire Hathaway Specialty Insurance (“BHSI”) has unveiled a network security and privacy liability policy in Canada, combining cyber liability and breach response coverage with risk management resources for commercial enterprises and financial institutions.

“Our new policy simplifies the complex endeavor of managing cyber exposures for both our business partners and our customers,” said Michael Densham, senior vice president for executive and professional lines at BHSI Canada. “We are excited to round out our executive and professional lines offerings with this flexible cyber solution, backed by BHSI's commitment to service and unparalleled financial strength.”

BHSI said in a statement that its new network security and privacy liability policy was designed “to deliver multi-faceted coverage and crisis management services for large commercial enterprises and a wide range of financial institutions, including credit unions, banks, asset managers, and insurance companies.”

Policy highlights include:

- Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines, and penalties.

- Breach expense and extortion threat coverage, addressing the direct expenses an insured incurs to effectively respond to a breach or extortion threat.

- Media liability coverage, which responds to traditional media exposures (e.g. through a company's website) arising from electronic content.

- Business interruption coverage to pay lost income and related expenses incurred as a result of the insured's partial or full business interruption due to a network security failure.

BHSI added that its policyholders also have access to legal experts to help them manage their obligations following a breach, forensic IT services to identify and contain a breach, and public relations and credit monitoring firms to manage the reputational damage that can accompany an incident.