PHILADELPHIA, PA., Dec. 9, 2013 (GLOBE NEWSWIRE) -- Beazley, the pioneer in breach response insurance, is currently managing its 1,000th breach. This marks the 1,000th time that Beazley has helped a company recover from a serious loss of data since 2009, when they first developed this important service.
Data breaches are on the rise and 100% data security is unattainable. Having mitigated the damage in the aftermath of 1,000 breaches, Beazley knows first-hand the risks and emerging trends in this space. Sophisticated malware and rogue employees both contribute to increased risk -- and no sector remains immune from the threat of data loss.
"Our 1,000th breach is a milestone both internally and externally," said Katherine Keefe, head of Beazley Breach Response Services (BBR Services). "Not only does it solidify Beazley's position as a leader in breach response, but it also underscores that companies cannot ignore the risks data breaches pose. A data breach is not a learning experience and it is important to partner with a company that has been there before. "
At the core of Beazley's breach response is BBR Services, working alongside clients to create a strategic incident response, and minimizing any financial or reputational damage. From the moment a breach is reported, BBR Services collaborates with insureds and connects them with experienced legal counsel, IT specialists who can identify where the breach originated and how much data was lost, and notification vendors to notify any customers whose data may have been compromised. Failure to comply with state and federal regulators carries severe financial penalties – but Beazley helps clients act in a compliant and timely manner.
Though breaches can never truly be prevented, Beazley recommends companies take a number of proactive measures. They include having a ready-made plan in the event of a breach; employee training regarding handling sensitive data; and using encryption services for both large-scale computer networks and mobile devices.
"From start to finish, Beazley works with companies to both prepare for and react to breaches," said Ms Keefe. "If our 1,000th breach is any indication, these threats aren't going away anytime soon. Beazley helps companies address these threats – and we hope to do so for another 1,000 companies going forward."
Beazley is the only insurer in the industry with a dedicated in-house breach response team, comprised of experts who only work on data breaches. Joining them are Beazley's partners, including top-flight lawyers, forensic experts, crisis communications professionals, notification experts and credit monitoring services. Beazley offers unique policies tailored to individual businesses and data, and limits are based on the number of records comprised – up to five million. Lastly, the cost of services is not deducted from a company's coverage for liability.
"Data breaches don't have to be a disaster, but mishandling one is," said Ms Keefe. "At Beazley, we aim to help clients both prepare and recover from a breach. It's how we became the default choice in the industry, and how we continue to be the best today."
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 2012, underwrote gross premiums worldwide of $1,895.9 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
CONTACT: Katherine Keefe 215 446 8421