This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Beazley Brings State Of The Art Data Breach Protection Within Reach Of Small Firms

FARMINGTON, Conn., May 10, 2012 /PRNewswire/ -- Beazley, a leading insurer of data privacy and network security risks, has launched a new version of its market leading Beazley Breach Response (BBR) solution, tailored to meets the needs – and budgets – of smaller firms with revenues of less than $10 million

The solution, known as BBR Select, offers the same combination of forensic, legal, notification, credit monitoring and call center services as BBR, ensuring that when a breach occurs the affected organization can move swiftly and sure-footedly to protect its reputation with customers. The policy provides for notification and credit monitoring for affected individuals (normally in the range of 25,000 to 250,000, though higher numbers can be covered) as well as third party liability coverage of up to $5 million. Premiums start as low as $1,000.      

Coverage is provided through Beazley's private enterprise team, which focuses on the professional liability needs of small businesses. The team is able to offer this solution to risks with revenues of up to $25 million but in practice larger companies may opt for the standard BBR solution, which includes notification and credit monitoring services for up to four million affected individuals.

Benefits of BBR Select include:

  • Breach response services provided outside the third party limit of liability, ensuring that this limit will not be eroded by prior use of the available breach response services
  • Forensic and legal assistance from a panel of experts to help determine the extent of the breach and the steps needed to comply with applicable laws
  • Notification provided on a number of affected individuals basis, not a capped dollar amount, to persons who must be notified under applicable law or those who are determined to be subject to risk of financial, reputational or other harm
  • Each notified individual to receive an offer for 12 months of free 3-bureau credit monitoring
  • Identity theft-related fraud resolution services for individuals enrolled in credit monitoring who become victims of identity theft
  • A free loss control information service provided with each policy, including compliance and breach response information, email alerts of key legal and regulatory developments, and expert on-line support for client questions on data security issues
  • Additional insuring agreement providing for indemnification of Payment Card Industry (PCI) fines and penalties, covering up to $100,000 in fines and penalties resulting from non-compliance with published PCI data security standards
  • Regulatory defence and penalties coverage up to $1,000,000;
  • Public relations and crisis management expenses up to $250,000

Beazley recently announced a number of enhancements to BBR, which are also available to buyers of BBR Select.  These include an expansion of response services to include the services of a PCI forensic investigator, computer security expert and an attorney to advise on how to respond to regulatory requirements under Merchant Services Agreements following an actual or suspected compromise of credit card data.  

Jamie Orye, who heads the Beazley private enterprise underwriting team focusing on technology, media and business services risks, said: "Small businesses are at least as vulnerable to data breaches as their larger counterparts.  Indeed, in many cases they may be more vulnerable as they cannot afford the latest technological weaponry to keep ahead of hacking and malware threats.  But now, for the first time, small businesses have access to comprehensive and affordable coverage to protect their most precious resource – the goodwill of their customers – in the event that a data breach occurs." 

Note to editors:

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.24 +263.58 1.49%
S&P 500 2,078.50 +17.48 0.85%
NASDAQ 4,932.2780 +41.0590 0.84%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs