Privacy Breach Insurance

Privacy Breach Insurance is a growing need in our fast-changing digital world. A global study identified that nearly 75% of small to mid-sized companies have been targeted for cybercrime and 42% lost confidential or private data. Loss of critical business information is most commonly due to lost or stolen devices such as laptops, memory sticks and smartphones.

A privacy breach occurs when companies provide unauthorized access to use, collect or disclosure of personal information. There are proactive services before a breach occurs, including: consulting, sample incident response plans, sample notification letters and legislations surrounding privacy. After a breach occurs there are reactive services, such as: claims facilitation, breach compliance consulting, breach damage assessment and breach response media support.

Common privacy breach scenarios include:

• Missing laptop: Missing device storing personal information such as a laptop or USB flash drive stolen from a parked vehicle at the mall.
• Mis-mailing: Address list for a mass mailing was off by one line and attachments containing personal information was emailed to incorrect recipients.
• Improper document disposal: Back-up data tape submitted for disposal is unaccounted for and documents containing personal information are left exposed.

Expense coverages after a breach can include, but not limited to:

• Privacy Breach Notification Expenses: Expenses incurred to comply with a government ordered notification to affected individuals.
• Privacy Breach Notification Expenses: Expenses incurred to comply with a government ordered notification to affected individuals.
• Crisis Management Service Expenses: Expenses incurred to hire a public relations consultant to help manage customer retention after a breach.
• Identity Restoration Case Management Service Expenses: Expenses to provide victims of the breach with monitoring services for up to one year.
• Computer and Network Forensic Consulting Service Expenses: Expenses for a forensic investigation into the scope of the breach.
• Data Breach Reward Expenses: Money paid for information leading to the arrest and conviction of parties involved in the breach.

Get the coverage and service to prepare you before a privacy breach occurs—and protect you after in the event it does happen.

Learn more about the specialized coverage we can offer for Cyber Liability & Technology.