The Co-operators avails cyber-insurance coverage for businesses
ONTARIO– Canadian insurer, the Co-operators, has revamped its cyber insurance offers for business policyholders.
The Co-operators, a co-operative group, says the product will protect business owners from unexpected expenses and/or costs of complying with privacy laws if their confidential information is compromised, and lost income or increased operating costs due to a privacy breach.
Cyber Guard Select, offered as an upgrade to the standard Cyber Guard coverage, will provide higher limits, liability protection against third-party claims and regulatory penalties, and nine flexible add-ons to address business risks, including crisis management, payment card loss, and cyber extortion threat coverage.
“Responding to the unique needs of our clients is central to our holistic approach and that compelled us to deliver a solution that addressed the complex and unpredictable nature of today’s digital security threats,” said Michael Spadafora, AVP National Product Portfolio, Commercial & Farm Management at Co-operators.
“Canadian businesses have to be vigilant in defending their companies from any number of vulnerabilities and Cyber Guard Select empowers them with flexible options to meet that objective,” he added.
Set up over 70 years ago, the Co-operators has more than $61.5bn in assets under administration. Its members include Canadian credit unions and co-operatives, which will be able to benefit from the new insurance product.
Meanwhile, United States’ CUNA Mutual Group has announced its plans to unify its businesses under a single brand, TruStage, in 2023. The change strengthens the company’s ability to serve those who count on it most.
“We were born out of the credit union movement more than 85 years ago and founded on the principle of people helping people. As we’ve evolved how we help those we serve, we’ve always remained anchored to our purpose to make brighter financial futures accessible to everyone,” said Bob Trunzo, chief executive officer at CUNA Mutual Group. “Now is the time for our brand to reflect all we do.”
All enterprise, business-to-business and consumer brands will unify under the single brand name of TruStage; and will be reintroduced in 2023 to represent all the company has become. In the next year the company will engage in a thoughtful process that will focus on transitioning the touchpoints and experiences that have the greatest impact on those CUNA Mutual Group serves. The company’s website, digital marketing materials and collateral will be refreshed to coincide with the launch in 2023.
“A single identity will make it easier for customers to navigate our offerings. This transition reflects our drive to provide value to our customers and the consumers they serve and will allow us to provide our full array of products and services through a simplified experience,” said Eric Hansing, senior vice president, corporate strategy, marketing and communications at CUNA Mutual Group. “Through this journey, our commitment to our purpose is unwavering.”
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