Beazley Data Breach Response Coverage Now Protects Up to Four Million Individuals Whose Data is Lost or Stolen
LONDON, Nov. 10, 2010 /PRNewswire/ -- Beazley has doubled the number of people eligible for notification and credit monitoring protection under its flagship data breach insurance policy, Beazley Breach Response. Up to four million people affected by a breach can now benefit from the comprehensive breach response services provided under the policy.
Beazley Breach Response was launched in July 2009 and rapidly generated strong demand from companies handling large volumes of sensitive customer data, particularly in the healthcare, higher education, retail and hospitality sectors. Unlike other insurance products on the market, Beazley Breach Response provides a full integrated response service to notify and protect the customers of policyholders that have suffered a data breach. Most insurance focuses instead on reimbursing policyholders after their customers have sued or the insured has already incurred costs to address the breach - by which time significant brand damage may well have been done.
"Most insurance for data breaches offers too little, too late," said Mike Donovan, head of the Technology, Media & Business Services (TMB) team at Beazley. "By working closely with brokers who knew exactly what their clients needed, we were able to develop a solution that mitigates the brand damage a breach can cause. And now up to four million customers can be protected under each policy."
The enhanced coverage is suited to firms with revenues over between $20 million to $3 billion, and for larger organizations in healthcare.
The more data intensive the company, the greater is the risk that, at some point, sensitive customer data will be lost or stolen. Breaches can vary in size, from a few dozen customer records to millions. For the smaller scale breaches, Beazley Breach Response has also been enhanced. Coverage is now available with a zero deductible for legal and credit monitoring services, ensuring that organizations that suffer smaller scale breaches can benefit immediately. Detailed information on Beazley Breach Response can be seen at www.beazley.com/bbr.
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 2009, underwrote gross premiums worldwide of 1,115.5 million pounds Sterling. 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
The descriptions contained in this communication are for preliminary informational purposes only. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued. Coverage is available through appropriately licensed brokers and may not be available in all jurisdictions. Beazley includes the issuing company Beazley Insurance Company, Inc. for admitted products.
SOURCE Beazley plc
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