Beazley, the pioneer in breach response insurance, has announced significant new enhancements to the company's flagship product, Beazley Breach Response (BBR).
The enhancements, which will come standard on all future BBR policies, include expanded privacy breach response services and broader coverage. The updates will further improve Beazley insureds’ ability to respond to breach incidents and to be protected against any resulting liability.
"The risk of a data breach grows larger every day, and at Beazley that means we must continue to pursue new and innovative solutions to insure our clients against every type and scale of data loss," said Mike Donovan, Global Leader of Beazley’s Technology, Media, and Business Services team. "With this update, Beazley’s coverage is adapting to the ever-changing cyber landscape to offer a more refined, streamlined and ultimately more effective policy to our customers."
Beazley is broadening the selection of US and international services providers. Canadian and other non-U.S. residents will now be eligible to receive privacy breach response services, which will allow companies to reach an expanded base of customers in the event of a breach incident.
The selection of credit monitoring products available for use in response to a covered breach incident has also been expanded. New credit monitoring options include Equifax Complete(TM) for residents of Canada and Experian’s ProtectMyID for residents of the United Kingdom. Beazley will also partner with ConsumerInfo.com, an Experian company, to offer a service for individuals with limited or no Experian credit history that monitors for the creation of an Experian credit file.
The new policy also includes an Information Security Incident Response Guide, developed in partnership with Navigant (NYSCE:NCI), a leader in complex data management and forensics analysis, to equip insureds with a roadmap to prepare for and manage the aftermath of a data security breach.
Public relations and crisis management expenses are also now included as privacy breach response services, and Beazley has expanded the available limit of coverage available for the provision of computer expert services, legal services and public relations and crisis management expenses up to $2.5 million.
"Beazley is committed to evolving our product and providing the best risk mitigation coverage to those we insure," said Donovan. "We believe these enhancements improve vital components of our existing policy, such as broadening notification services to include non-US residents, as well as enabling us to expand credit monitoring and data protection coverage to meet our clients’ changing needs."