DAILY NEWS Feb 25, 2013 1:11 PM - 0 comments

Lloyd's insurer ponders offering privacy breach response in Canada

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2013-02-25

Beazley Group PLC may in the future offer a cyber breach response service in Canada, suggests an article posted Monday to the Lloyd's website.

Cyber risk

Beazley, a London-based Lloyd's insurer whose offerings include property, reinsurance and a variety of liability coverages, announced earlier this month its Beazley Breach Response (BBR) is now available in Britain. BBR, which includes insurance, loss control and risk mitigation service for privacy and data breaches, has been available in the U.S. since 2009.

An article posted to Lloyd's quotes Paul Bantick, head of Beazley's cyber team, as saying his firm wants to offers its breach response product "where demand is greatest," adding that Germany, Italy, Spain, Australia, Canada and Brazil "all have potential right now."

Beazley Breach Response is a service that coordinates experts in forensic, legal, notification and data protection, according to a Feb. 8 Beazley press release. It includes investigating the breach, determining whether personally identifiable information was actually lost or compromised, ensuring the client complies with all applicable laws and regulations governing the handling of the breach, notifying affected individuals and protecting notified individuals against fraud or other misuse of their personal data.

Lloyd's noted Aegis already offers cyber coverage in Canada, and U.S. and Australia.

"Fines have been increasing and countries like Germany, Austria and Norway have introduced stricter laws that require organisations to notify victims of a breach," Lloyd's notes. "In addition, plans are afoot to introduce stricter data protection rules in Europe."

Lloyd's quoted Rick Welsh, head of cyber insurance at Aegis at Lloyd's, as saying each country "has its own approach" to privacy, adding that in addition to data breaches, cyber insurance also applies to intellectual property, media liability and business interruption.

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