Beazley Announces Major Enhancements to its Suite of Products Designed to Help Businesses Respond Effectively to Data Breaches
SAN FRANCISCO, Aug. 30, 2012 /PRNewswire/ -- Beazley has unveiled major enhancements to its highly successful Beazley Breach Response (BBR) product. Launched over three years ago, BBR has gained widespread recognition as the most comprehensive and effective solution available to the often challenging task of responding successfully to a data breach. BBR was the first such offering to include a separate limit of coverage for breach response services, and Beazley recently announced the creation of BBR Services, a dedicated business unit to help clients manage data breaches successfully - again a first in the insurance industry.
The latest product enhancements include support for the victims of data breaches in the form of sophisticated credit monitoring and identity monitoring provided by Experian Data Breach Resolution. For a breach involving the compromise of personal information, BBR clients now may choose to offer notified individuals either:
- Experian's ProtectMyID® identity protection tools, as well as Family Secure® monitoring products available for any minors involved in a breach; or
- DataPatrol™, an Internet based data monitoring service provided by Experian®. Every month DataPatrol monitors millions of unsecure web pages to detect lost or stolen personal and financial information that may put affected individuals at risk of identity fraud.
In addition, Beazley has introduced a number of further enhancements to BBR:
- The attorney services retention for privacy breach response services has been lowered to $5,000, making it easier for BBR clients to access Beazley's panel of legal counsel (firms selected for their deep experience in data breach laws and regulations). This retention previously stood at between $10,000 and $20,000.
- Coverage is now offered for up to 5,000,000 customer notifications in the event of a data breach involving personally identifiable data. The previous limit was 4,000,000 notifications.
- Retail and hospitality organizations with revenues of up to $4 billion will qualify now for BBR. (The previous ceiling was $3 billion).
With these enhancements, clients can customize BBR to their own specific needs, with notification limits available from 250,000 to 5,000,000 and a separate limit of liability for third party claims available from $1 million to $15 million. For smaller organizations, the BBR Select product also offers lower notification and liability limits.
Mike Donovan, head of the technology, media and business services team at Beazley, which underwrites BBR, said:
"Since its successful introduction over three years ago, we have continually developed and enhanced our breach response product to help our clients keep pace with evolving breach exposures. These new coverage enhancements – combined with the creation of BBR Services – will ensure that our clients have instant access to the services they need to safeguard their reputations in the event of a breach."
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
For updated security breach notification laws visit http://www.beazley.com/databreachmap
About Experian Data Breach Resolution
Experian® is a leader in the data breach resolution industry and one of the first companies to develop products and services that address this critical issue. As an innovator in the field, Experian has a long-standing history of providing swift and effective data breach resolution for thousands of organizations, having serviced millions of affected consumers. For more information on the Experian Data Breach Resolution division at ConsumerInfo.com, Inc. and how it enables organizations to plan for and successfully mitigate data breach incidents, visit http://www.experian.com/databreach.
SOURCE Beazley plc