PORTLAND, Ore. and BOSTON, April 3, 2014 /PRNewswire/ -- One in three companies now has cyber insurance to protect against the threat of data breach, according to Marsh LLC, an insurance brokerage firm. In the wake of high-profile breaches, such as Target and Neiman Marcus, and 100 percent growth in cyber attacks targeting the healthcare industry since 2010, according to the latest Ponemon report, binding of cyber insurance policies is growing exponentially. As a result, insurance carriers need tools to help their clients mitigate data breach risks and protect their bottom line. To meet that opportunity, ID Experts, the leader in data breach software and services, has developed Virtual Privacy Expert, an online, one-stop resource to equip cyber insurance carriers with hands-on tools and information to minimize cyber risks. ID Experts has collaborated with Enquiron™, an insurance industry leader in proactive risk management solutions with proven claims reduction results for insurance carriers, to include Virtual Privacy Expert as part of its value-add risk management services.
Powerful Resource to Reduce Data Breach Risks
Virtual Privacy Expert is an affordable, on-demand resource for insurance companies to deploy with their clients. Virtual Privacy Expert includes a proprietary risk assessment application, Breach HealthCheck®, customizable privacy and security policies, a data breach incident response plan, and more. Additionally, the Virtual Privacy Expert provides direct access to certified privacy experts who can provide advice and answers, making it both a day-to-day resource and overall vital component to ensuring compliant privacy practices. Information is available at http://www2.idexpertscorp.com/vpe
"Cyber insurers need to help their clients reduce losses from data breaches in order to attract new, sustainable business and protect against claims; offering the tools and resources of the Virtual Privacy Expert is a great way for insurers to help those clients while at the same time differentiating their products," says Richard Betterley, president of Betterley Risk Consultants and author of The Betterley Report Cyber Insurance Market Survey. "This approach works well in other areas of insurance, and I am excited to see it being brought to cyber insurance in a comprehensive strategy."
Increasing the Value of Cyber Liability Insurance
Insurance companies offering cyber or privacy liability insurance can provide more value when fortifying pre-loss privacy and security risk management programs. The value-added benefits will help increase brand awareness with clients, which can be difficult to accomplish in the current cyber liability marketplace.
"The recent Ponemon report found that healthcare organizations consult with their cyber insurance carriers to determine if a data exposure requires notification," says Jeremy Henley, CHPC, insurance solutions executive at ID Experts. "Virtual Privacy Expert equips cyber insurance carriers with risk assessment tools, best practice resources and a live privacy expert, if desired, so they can help mitigate breach risks for each client."
"Insurance companies and their clients benefit from Enquiron's ability to strengthen relationships and to help organizations connect the dots," said Mike Naclerio, President of Enquiron. "Virtual Privacy Expert is a unique, industry-first solution that is easy to understand, accessible, and actionable. Enquiron partnered with ID Experts for the Virtual Privacy Expert solution to create a complete data breach care business model including proactive resources and tools. This is a completely integrated management liability strategy that will drive usage on a proactive basis, which is the backbone of Enquiron's ability to reduce claims and provide quantifiable ROI to carriers. Insurance organizations can trust Enquiron to guide clients through the processes associated with liability management, and spend more time on growing their business."
Key Features and Benefits of Virtual Privacy Expert
- Affordable, on-demand, industry leading resource designed for use by businesses across all industry classes
- Best-practice privacy policies and procedures, updated as new risk factors emerge
- Access to certified privacy experts for advice and answers, accessible through a one-stop liability and risk management solution to help clients actively engage and utilize the resources
- Measures data breach exposure with Breach HealthCheck®, a proprietary tool from ID Experts that empowers organizations to capture a holistic assessment of their privacy and security risk profile
About ID Experts
ID Experts provides software and services for managing the disclosure and breaches of regulated data. Leading organizations in healthcare, insurance, financial services, universities, higher education, and government rely on ID Experts' patented RADAR™ data incident management software and data breach response services for managing risks. Exclusively endorsed by the American Hospital Association. ID Experts is an advocate for privacy and a leading contributor to legislation and industry organizations that focus on the protection of PHI and PII. On the web: http://www2.idexpertscorp.com/.
Enquiron™, headquartered in Boston, Massachusetts, provides consultative business solutions to employers in all 50 states, across various industries, sectors and sizes. Since 1996, Enquiron has revolutionized the way that services impacting HR, Employment Law, Health Care, and more are delivered to and utilized by employers. Enquiron has locations across the United States and is a trusted partner to organizations who need specific answers to specific questions.
SOURCE ID Experts; Enquiron