Beazley Breach Response - London Market breach insurance for varied industries

Beazley Breach Response (BBR) in Cyber & Tech

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Paul Bantick

Focus Group Leader - London Market and International TMB

Any business handling customer data is at risk of a data breach. Whether the data is personnel records, customer profiles, donor lists or any other type of personal information, it only takes one small human error or a clever hacker to expose this information to the world.

And the stakes are high. You hold personal data on trust for your customers. If they don't think your business can be trusted, the very future of your company may be at risk. A data breach is not a learning opportunity - you have too much to lose to risk mishandling it.

From healthcare to high-tech and from Wall Street to Main Street, Beazely has experience working with organisations of all sizes and from all industries to manage breach responses that satisfy legal and regulatory demands and restore public confidence. BBR Services will be with you every step of the way.

significant exposure
class action lawsuits
regulatory investigations
third party coverage
Why Beazley?

Addressing the myriad of legal and regulatory responsibilities associated with a data breach is complicated. Often a patchwork of state laws dictates unique data protections and response obligations industry by industry. Sometimes they require costly internal investigations, significant expenses on outside vendors and, ultimately, sensitive communications to the public. Mismanaging aspects of the response can have severe financial and legal consequences.

The publicity and consumer dissatisfaction that surround a data breach have spurred a wave of class action complaints against organisations big and small. Relying on a variety of privacy laws, enterprising plaintiffs' lawyers have filed complaints seeking billions of dollars in damages. The risk of crippling damages, and the sizeable costs of litigation, often push organizations to settle even in the absence of any clear harm to the affected individuals.

State and federal regulators have made one point fundamentally clear: a significant breach of protected data 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 virtually any organisation 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 BBR, a solution to privacy breaches and information security exposures designed to manage breaches and restore public trust quickly and effectively. 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.

Not if, but when. Any business 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".