Beazley Continues To Lead Market In Data Breach Insurance
FARMINGTON, Conn., May 17, 2011 /PRNewswire/ -- Beazley, a leading insurer of data privacy and network security risks, has made important coverage enhancements to its industry-leading product, Beazley Breach Response, a unique insurance, loss control and risk mitigation service for privacy and data breaches.
Beazley Breach Response provides coverage for data breaches affecting up to 4,000,000 individuals, including notification and credit monitoring. The product is focused on companies in the healthcare, retail, hospitality and higher education markets. Beazley Breach Response coverage now includes:
- Payment Card Industry (PCI) fines and penalties coverage. Up to $250,000 in coverage for fines and penalties resulting from noncompliance with published PCI data security standards. Coverage now also includes up to $50,000 in PCI re-certification expenses following a breach event.
- Breach response services for minors. Expanded services offered through TransUnion LLC include research into potential fraudulent use of the minor's identification, expert counseling specific to child identity theft, and assistance with file locks and fraud alerts.
- Expanded coverage for breaches with no legal notification requirement. Where a breach does not trigger any legal duty to notify, coverage now includes discretionary notice to individuals potentially affected by the breach in which there is a resulting risk of financial, reputational or other harm to the individuals.
- Additional public relations and crisis management expenses. Coverage for costs to restore healthcare records of notified individuals is now included.
The policy, predominantly written on a non-admitted basis through Beazley's syndicates at Lloyd's, is also available through Beazley Insurance Company, Inc. on admitted paper in select jurisdictions.
Mike Donovan, head of Beazley's Technology, Media and Business Services team, said:"Businesses affected by a data breach frequently find themselves at the beginning of a steep learning curve. They need to assemble, often from scratch, a varied team of qualified advisors and experts. Our clients have immediate access to all the expertise and support they need. Our long experience in this field enables us to offer coverage enhancements that respond surely and swiftly to threats that other policies may miss."
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