Beazley Breach Response Services Expanded To Tackle Risks Of PCI Investigations Following Suspected Data Breaches
SAN FRANCISCO, May 7, 2012 /PRNewswire/ -- Enhancements announced today to Beazley Breach Response (BBR), Beazley's market-leading data breach response and insurance solution, include practical support for businesses caught in the crosshairs of a Payment Card Industry (PCI) investigation following a suspected data breach involving credit card information.
A growing number of businesses have found themselves responsible for paying the costs of PCI forensic investigations in the wake of a data breach. These investigations, required by PCI rules, also can lead to fines, penalties and other expenses levied against the business.
Beazley now offers, as one of a suite of response services provided under its BBR coverage, costs for required PCI forensic investigations following a breach as well as costs for an attorney and a computer security expert to advise on how to respond to such investigations.
Mike Donovan, head of Beazley's technology, media and business services team, which developed BBR, said:"Suspected data breaches are never easy for businesses to handle, given the challenge of determining what actually occurred and whether personally identifiable information was in fact lost or stolen. If not handled swiftly and effectively, customer confidence can take a very hard knock. But the challenge is often compounded for retailers and other businesses that are required to be PCI compliant and have additional cost burdens when a breach involves credit card data. Fortunately we can provide immediate access to the expert advice businesses need to effectively respond to PCI data breach investigation requirements when credit card data breaches occur." In addition to the response service, Beazley's coverage also provides up to $250,000 in indemnification for fines and penalties resulting from non-compliance with published PCI data security standards. Note to editors: Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best. Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
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