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    Paul Bantick

    Paul Bantick

    UK TMB Focus Group Leader & Underwriter

    Effective data breach protection for retailers.

    As thousands of retailers, large and small, have learned to their cost, a data breach is not a question of "if". The only question is "when?"

    Information exposures are difficult to control and are subject to many different types of loss events. And even with the best systems, controls and personnel, no retailer is immune to the risk. It only takes one small human error, a simple property crime, or one clever hacker, to compromise millions of customer records.

    Retail Insights

    257.5 million

    personal records compromised in retail between 2005 and 2015 (www.privacyrights.org)

    $111

    of records breached in 2014 were attributed to retail data breaches (www.privacyrights.org)

    55 percent

    of all retail breaches managed by Beazley in 2015 were caused by hacking or malware

    Retailers are prime targets for cyber criminals looking to exploit vulnerabilities through point of sale systems. Once such a breach occurs, compulsory data breach notification laws will ensure that the public knows about the event, posing a significant risk to the retailer’s reputation and brand. A study conducted by the Economist Intelligence Unit in April 2013 found that 38% of respondents affected by a data breach no longer did business with the organization concerned “because of the data breach,” and 46% said they had advised friends and family to be careful of sharing data with the organisation.

    Commerce without credit and debit card payments is unimaginable. Whether at the point-of-sale, online, or through a call center, the retail industry processes a staggering volume of credit card transactions. A breach of credit card information, which the card brands frequently detect before the organization even suspects any foul play, can result in fines, penalties, mandated computer forensic costs, legal fees, and worst of all, the inability to process payments.

    The publicity and customer dissatisfaction that surround a data breach have spurred a wave of class actions against retailers 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 it clear that 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 retailers 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 retailers. We pioneered the concept of data breach insurance that focuses first and foremost on response. 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.

    Quote image

    Not if, but when. Any retail 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".

    Retail 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

    Retail 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 Retailers Factsheet US

    Risk insights

    BBR Alert Ransomware
    Breach Insight March 2016
    Case of 1m laptop