Data Breach Recovery Insurance suits midsize businesses.September 12, 2008 -
Data Breach Recovery Insurance combines data breach protection with effective response services and also includes service endorsement that lets policyholders, their employees, and employees' resident family members utilize Identity Theft Resolution Services from Identity Theft 911®. Data Breach Recovery Expense coverage is included for costs of responding to data breach, and Data Breach Services help prepare for potential incident and notify affected individuals should breach occur.
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Original Press release
OneBeacon Insurance Group
Commercial Lines,100 Wall Street
New York, NY, 10005
USA
OneBeacon Bringing Data Breach Recovery Solution to Midsize Businesses
CANTON, Mass., Sept. 3 -- OneBeacon Insurance Group today announced a new solution for midsize businesses that combines data breach protection with effective response services.
Data Breach Recovery insurance includes Data Breach Recovery Expense coverage for the costs of responding to a data breach, and Data Breach Services to help a business prepare for a potential incident and notify affected individuals should a breach occur.
Roger Pare, Chief Underwriting Officer for OneBeacon Commercial Middle Market said, "Despite a company's best efforts to protect its employees' and customers' personally identifiable information, this data can sometimes be compromised. Our Data Breach Recovery solution helps our policyholders respond to an incident, and provides their affected customers with a professional response management team. The coverage is available in our @vantage product suite as an endorsement, providing the convenience of just one policy."
Data Breach Recovery Expense provides coverage for specified expenses incurred as the result of a data breach:
-- Cost of notification
-- Forensic analysis
-- Proactive monitoring services
-- Legal services
-- Public relations
-- Third-party data breach
-- Data breach ransom
-- Data breach reward
Data Breach Services include specialized response services provided by Identity Theft 911(R), a leader in identity management, for customers of the business that experiences a data breach:
-- Consulting services
-- Toll-free help line
-- Fraud alert
-- Identity restoration case management
Employee Identity Theft Resolution Services
The policy also includes an additional service endorsement that enables policyholders, their employees, and the employees' resident family members to take advantage of Identity Theft Resolution Services from Identity Theft 911(R) if they have a personal need for expert assistance with identity-related concerns.
"If they suffer the loss or theft of private personal data, they may contact Identity Theft 911(R) for proactive guidance that can include assistance in placing a free fraud alert on their credit file to reduce the risk of fraudulent accounts being opened in their names," said Pare. "And if they become the victim of identity theft or account takeover, a fraud specialist will guide them through the process of restoring their identity."
Offered in partnership with select independent agents, OneBeacon @vantage is available for the following industries: information technology, medical technology, financial services, professional services, metalworking, commercial real estate, cultural institutions, food, media, plastics, printing, progressive care, wholesaling and retailing.
OneBeacon Insurance Group offers a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories.
OneBeacon's U.S. headquarters is in Canton, Massachusetts. The company is publicly traded on the New York Stock Exchange under the symbol "OB".
CONTACT: Maggie Sheehan of OneBeacon Insurance Group, +1-781-332-7271, msheehan@onebeacon.com
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