It only takes one small human error, or an office break-in, or a clever hacker to compromise millions of records and create potential havoc within your organisation.
Essentially, a data privacy breach is not a question of "if". The only question is "when?"
The negative publicity resulting from a data breach can lead to massive reputational and brand damage.
An effective response is a complicated response. Beazley BBR will be with you every step of the way, providing effecting data breach protection for financial institutions.
- significant exposure
- class action lawsuits
- regulatory investigations
- third party coverage
- why Beazley?
The patchwork of breach notification laws that now exist in 47 US states, provide a great deal of exposure for financial institutions. These laws prioritize the security of financial information, and in the event of a data breach, require costly internal investigations, significant expenses on outside vendors, and ultimately, notification to the public. In addition to these state laws, banks and other financial institutions have many unique data protection obligations under the Graham Leach Bliley Act, the Fair Credit Reporting Act and the regulatory expectations of the Federal Trade Commission. Credit unions must also follow the data security requirements imposed by the National Credit Union Administration.
The publicity and customer dissatisfaction that surround a data breach have spurred a wave of class action complaints against financial institutions big and small. Enterprising plaintiffs’ lawyers relying on a variety of privacy laws have filed complaints seeking billions of dollars in damages. The risk of crippling damages, and the sizeable costs of litigation, often push organisations to settle even in the absence of any clear harm to the plaintiffs.
State and federal regulators have made one point clear: a significant breach of customer information will result in monetary penalties, onerous corrective action plans, and on-going audits. Whether from the Federal Trade Commission or state attorneys general, the regulatory landscape for financial institutions carries an immense amount of risk.
In addition to covering your business, BBR also protects your partners though third party coverage. Third party coverage includes:
- Third party information security and privacy coverage with up to $15M in limits in addition to the breach response coverage
- Regulatory defense and penalties
- Website and offline media liability
- PCI fines, penalties and assessments
- Cyber extortion
- First party business interruption and data protection with limits up to $15 million.
Beazley, a leading insurer of technology and information security risks, has developed Beazley Breach Response (BBR), a solution to privacy breaches and information security exposures tailored to the needs of financial institutions. BBR is a complete privacy breach response management and information security insurance solution which includes a range of services designed to help you respond to an actual or suspected data breach incident effectively, efficiently, and in compliance with the law. Beazley understands the maze of data protection regulations faced by financial institutions; we have helped many financial institutions with data breaches related to network intrusions, lost and stolen laptops, inadvertent postings of customer social security numbers on web pages and rogue employees stealing customer information.
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Not if, but when. Any financial institution handling customer data will, sooner or later, be confronted with the challenge of a data breach. It's not a matter of "if" but "when".
Financial institutions team
Breach response services

Head of Cyber Services
Raf Sanchez
London, UK
+44 (0) 207 667 0541
raf.sanchezClaims

Claims Team Leader - Cyber & Tech
Marcello Antonucci
New York, NY, USA
+1 212 801 7170
marcello.antonucci
Claims Focus Group Leader - International Cyber
Sandra Cole
London, UK
+44 207 674 7748
sandra.cole
Group Head of Claims
Beth Diamond
New York, NY, USA
+1 212 801 7116
beth.diamond
Delegated Authority Underwriter
Rob Kale
London, UK
+44 20 7674 7485
Rob.KaleUnderwriters

Head of Global Cyber & Technology
Paul Bantick
London, UK
+44 207 674 7250
paul.bantick
Focus Group Leader - London Wholesale Middle Market, Cyber & Tec
Lucy Cantlay
London, UK
+44 207 674 7816
lucy.cantlay
Head of London Market Wholesale Cyber & Technology
Alec Cramsie
London, UK
+44 (0) 207 674 7589
alec.cramsie
Head of London and International Underwriting Management, Cyber
Aidan Flynn
London, UK
+44 (0) 207 674 7812
aidan.flynn
Focus Group Leader - International Cyber & Tech
Alessandro Lezzi
London, UK
0207 674 7739
alessandro.lezzi
Focus Group Leader - London Wholesale Large Accounts, Cyber & Te
Jimaan Sane
London, UK
+44 207 674 7492
jimaan.sane