Financial institutions’ information exposures have many causes and are difficult to control. And even with the best systems, controls, personnel and procedures, no organisation is immune to the risk.
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.
Essentially, a data privacy breach is not a question of “if”. The only question is “when?”
Beazley pioneered the development of data breach related insurance and has helped define the market. We have used our expertise and experience to create an innovative new package that combines data breach with crime and professional indemnity cover.
Central to our approach is the understanding that a data breach isn’t always a disaster but mishandling it is.
The negative publicity resulting from a data breach can lead to massive reputational and brand damage. However an effective response can be complex and challenging. Therefore as well as providing cover for financial liability, our coverage features a range of services designed to mitigate the reputational damage and the risk of legal action being brought against financial institutions, including:
- Forensic investigation services to assess the cause, gravity and extent of a data incident
- Breach notification and call centre services for third parties, lessening the administrative burden of the breach
- Legal advice and support to assess the legal ramifications of the breach and the actions required to mitigate them
- Public relations and crisis management specialists to handle the crisis response plan and communications strategy.
Our cyber products are available worldwide and are enhanced in a growing number of countries by our unique Beazley Breach Response product. In countries where Beazley Breach Response is not available, cover is available through Beazley Global Breach Solutions.
Beazley Breach Response
Beazley has helped clients handle more than 5,000 data breaches since the launch of Beazley Breach Response in 2009 and is the only insurer with a dedicated in-house team focusing exclusively on helping clients handle data breaches. The Beazley Breach Response Services team coordinates the expert forensic, legal, notification and credit monitoring services that clients need to satisfy all legal requirements and maintain customer confidence.
In addition to coordinating a data breach response, BBR Services maintains and develops Beazley’s suite of risk management services, designed to minimize the risk of a data breach occurring.
A broad range of financial institutions can benefit from this specialised cover, including:
- Investment managers
- Insurance and reinsurance companies
- Building societies
- Stock exchanges
- Clearing houses
- Regulated marketplace lenders.
Worldwide (excluding United States domiciled organisations).