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    Paul Bantick

    Paul Bantick

    UK TMB Focus Group Leader & Underwriter

    Effective data breach protection for financial institutions.

    Financial institutions' information exposures have many causes and are difficult to control. And even with the best systems, controls, personnel and procedures, no bank or credit union 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 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.

    Financial Institutions Insights

    378 million

    personal records compromised between 2005 and 2015 were entrusted to financial institutions (www.privacyrights.org)

    44 percent

    of customer accounts have been compromised (www.aciworldwide.com)

    22 percent

    of all breaches managed by Beazley in 2015 for financial institution were caused by unintended disclosure

    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.

    Quote image

    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

    Underwriters

    Paul Bantick

    UK TMB Focus Group Leader & Underwriter

    Paul Bantick

    London, UK

    +44 207 674 7250

    Rossella Bollini

    Underwriter - International TMB

    Rossella Bollini

    London, UK

    +44 207 674 7708

    Lucy Cantlay

    Underwriter

    Lucy Cantlay

    London, UK

    +44 207 674 7816

    Alec Cramsie

    US TMB Team Leader & Underwriter

    Alec Cramsie

    London, UK

    +44 (0) 207 674 7589

    Dan Hopkinson

    TMB Underwriter

    Dan Hopkinson

    London, UK

    +44 207 674 7277

    Alessandro Lezzi

    International TMB Team Leader

    Alessandro Lezzi

    London, UK

    Andy Maher

    Underwriter

    Andy Maher

    London, UK

    +44 207 674 7778

    Jimaan Sane

    Underwriter

    Jimaan Sane

    London, UK

    +44 207 674 7492

    Claims

    Marcello Antonucci

    Claims Manager

    Marcello Antonucci

    New York, NY, USA

    Sandra Cole

    UK & International TMB Claims Manager/UK & International Breach Response Manager

    Sandra Cole

    London, UK

    +44 207 674 7748

    Beth Diamond

    Claims Team Leader - TMB

    Beth Diamond

    New York, NY, USA

    +1 646 943 5912

    Rob Kale

    Claims Assistant

    Rob Kale

    London, UK

    +44 207 674 7485

    Financial institutions forms

    Product fact sheets

    BBR first party computer claims
    BBR After the Breach Insert
    BBR Brochure
    BBR Coverage Insert
    BBR Timeline
    BBR Data Breach Insert US
    BBR Risk Management Insert US
    BBR Financial Institutions Insert US

    Risk insights

    BBR Alert Ransomware
    Breach Insight March 2016
    Case of 1m laptop
    Three perspectives on cyber security for financial services
    Data privacy for small banks