Beazley Breach Response

Beazley Breach Response (BBR)

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Mike Tewfik

Underwriter

The volume of personally identifiable data that businesses collect and hold has grown exponentially in recent years. The need to manage the risks - including the reputational risks - associated with holding this data has become a major challenge for businesses.

All organisations face the reality that data breaches have become inevitable. 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.

360^o protection

Malicious threats like zero-day malware, ransomware, spyware and scareware are on the rise but businesses can not ignore unintended disclosure and human error risks. Business interruption, cyber extortion, loss of critical operational data and electronic crime present cumulative risks that businesses must address.

Businesses must protect themselves on all fronts. With Beazley’s 360° approach, companies have access to a comprehensive set of solutions created to protect their business from the dangerous world of cyber risks.

In addressing these risks, one insurance policy stands apart. BBR provides breach response services for up to 5 million persons along with coverage for payment card industry costs, regulatory defense and penalties, and first party and crime coverage.

All BBR policyholders have access to pre-breach and risk management services and in the event of a cyber breach, BBR policyholders will work directly with Beazley’s in-house breach response team, BBR Services, and Beazley’s claim team to resolve the incident.

Our 360° approach to cyber risk makes BBR, quite simply, the world’s best designed cyber insurance solution.

First-party and crime coverage
BBR Services – a dedicated team of experts
Pre-breach and risk management

Our policy form is streamlined and comprehensive to cover your organisation seamlessly in the event of a cyber breach.

The BBR policy includes:

First-party coverage for cyber extortion;
Data recovery costs;
Business interruption resulting from security breaches and system failures;
Contingent business interruption from incidents occurring at the policyholder’s vendors and suppliers; and
eCrime coverage.

In expanding our coverage, we have built on the unique policy design that has made Beazley a leader in cyber insurance since 2009. BBR offers more coverage per dollar of premium, through multiple towers of coverage that ensures the breach response costs covered under the policy do not erode your third-party limits.

A cyber breach isn’t always a disaster. Mishandling it is.

Beazley is unique among insurers in having a dedicated business unit,BBR Services, that focuses exclusively on helping clients manage cyber incidents successfully.

BBR Services is a dedicated team of cyber breach professionals who assist BBR policyholders at every stage of incident investigation and breach response. They coordinate the carefully vetted forensics experts and specialised lawyers to help you establish what’s been compromised; assess your responsibility; and notify those individuals affected. In addition, BBR Services coordinates credit or identity monitoring for your customers and offers PR advice to help you safeguard your reputation.

We also, of course, indemnify your losses from lawsuits or regulatory actions, the risk of which may be reduced by a well-coordinated breach response but can never be completely eliminated. Beazley’s claims team has been at the forefront of defending clients in the developing and evolving legal arena of privacy class actions and regulatory investigations arising from cyber breaches.

Beazley invented this comprehensive approach. We do more of it than anybody else. To date we have managed thousands of breaches swiftly and successfully.

We recognise that preparing for and preventing breaches have become inseparable from insuring a cyber loss. Beazley offers a full suite of pre-breach breach and risk management services through our in-house BBR Services team.

BBR Services provides a full range of resources to help mitigate risks before an incident occurs. On our Beazley owned and managed risk management portal, global.beazleybreachsolutions.com, you will find resources for incident response planning, employee training, compliance and security best practices. Newsletters and live expert webinars educate you about the latest threats, preventive steps and regulatory developments.

BBR Services also coordinates a variety of pre-breach services such as onboarding calls, incident response plan reviews and on-site workshops, so you can improve the robustness of your cybersecurity.