Beazley has unveiled major enhancements to its Beazley Breach Response (BBR) product. Launched over three years ago, BBR includes a separate limit of coverage for breach response services, and Beazley recently announced the creation of BBR Services, a dedicated business unit to help clients manage data breaches successfully – again a first in the insurance industry.
The latest product enhancements include support for the victims of data breaches in the form of credit monitoring and identity monitoring provided by Experian Data Breach Resolution. For a breach involving the compromise of personal information, BBR clients now may choose to offer notified individuals either:
- Experian’s ProtectMyID identity protection tools, as well as Family Secure monitoring products available for any minors involved in a breach; or
- DataPatrol, an Internet based data monitoring service provided by Experian. Every month DataPatrol monitors millions of unsecure web pages to detect lost or stolen personal and financial information that may put affected individuals at risk of identity fraud.
In addition, Beazley has introduced a number of further enhancements to BBR:
- The attorney services retention for privacy breach response services has been lowered to $5,000, making it easier for BBR clients to access Beazley’s panel of legal counsel (firms selected for their deep experience in data breach laws and regulations). This retention previously stood at between $10,000 and $20,000.
- Coverage is now offered for up to five million customer notifications in the event of a data breach involving personally identifiable data. The previous limit was four million notifications.
- Retail and hospitality organizations with revenues of up to $4 billion will qualify now for BBR. (The previous ceiling was $3 billion).
With these enhancements, clients can customize BBR to their own specific needs, with notification limits available from $250,000 to $5 million and a separate limit of liability for third party claims available from $1 million to $15 million. For smaller organizations, the BBR Select product also offers lower notification and liability limits.
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