FARMINGTON, Conn., Nov. 21, 2013 (GLOBE NEWSWIRE) -- Beazley, a leading insurer of data privacy and network security risks, has made its highly successful Beazley Breach Response product far more widely available with the launch of BBR Select, a version of the product that is now available in the admitted insurance market.
With premiums starting at $1,000, BBR Select is particularly well suited to small businesses that can be even more vulnerable to the risks of a mishandled data breach than larger and better resourced firms. However, the limits offered under the policy are significant, making it suitable for larger businesses as well. Under the policy, up to two million individuals affected by a single data breach can be notified and up to $10 million of third party liability coverage is provided.
Beazley pioneered the concept of data breach insurance that focuses first and foremost on response. In the event of a data breach, Beazley works with IT experts and specialized lawyers to help a client establish what data has been compromised, assess the client's legal responsibilities, and notify the individuals affected in compliance with all applicable state and federal laws. Beazley also coordinates credit or identity monitoring services for individuals who have been notified of a breach and PR advice to protect the reputation of the company.
"Following a data breach, the stakes are high," said Jamie Orye, who heads Beazley's private enterprise team, which focuses on the professional liability needs of small businesses. "Companies hold personal data on trust for their customers. If customers don't think a business can be trusted, its very future may be at risk. A data breach is not a learning opportunity – companies have too much to lose to risk mishandling it."
Beazley is unique among insurers in having a dedicated business unit – BBR Services – that focuses exclusively on helping clients manage data breaches successfully. Since the launch of BBR in 2009, Beazley has helped clients handle more than 900 data breaches.
"The incidence of data breaches in the United States is massive," Mr Orye said. "In US healthcare alone - the industry for which the most reliable statistics exist – more than 120,000 people are being notified that their data has been breached every week. Healthcare providers and tens of thousands of other businesses have learned the hard way that there's no such thing as perfect cyber security."