Beazley Provides Data Breach Response Insurance in Canada
Beazley announced the launch of the company’s flagship Beazley Breach Response (BBR) product in Canada, which is data breach response insurance that protects the personal data of up to five million individuals per breach.
Canada’s Digital Privacy Act, passed in 2015, will soon impose additional obligations on companies to notify individuals when their data has been breached, the company said. The Canadian regulations will impose more stringent reporting obligations, similar to those already in place in the U.S. and soon to be implemented in the European Union.
Beazley said it has helped clients handle more than 3,300 data breaches since the launch of BBR in 2009 “and is the only insurer with a dedicated in-house team focusing exclusively on helping clients handle data breaches.”
BBR addresses the growing data breach exposures all organizations face, and the potential impact on their business operations, reputation and financial standing. Clients purchasing this coverage receive access to a suite of Beazley’s breach response service partners who provide legal advice, computer forensics, notification and call center services and credit monitoring for affected individuals.
“Beazley has an exceptional track record working with corporations in a wide range of industries in the US and Europe to mitigate and respond to data breaches,” said Paul Bantick, Beazley’s International focus group leader for technology, media and business services. “We’re excited to launch this offering in Canada, backed by a suite of top response providers.”
Beazley released its Beazley Breach Insights 2016 report earlier this month, which revealed a sharp increase in breaches caused by hacking and malware, with hacks involving ransomware doubling in 2015 compared to 2014.
London-based Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the U.S., Latin America, Asia, the Middle East and Australia. Beazley manages six Lloyd’s syndicates and, in 2015, underwrote gross premiums worldwide of $2 billion-plus.
Source: Beazley