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