Given the rising cost of data breaches, XL Catlin’s Cyber & Technology insurance business in North America is adding additional computer forensic and legal resources to its network of prequalified breach response specialists to help clients respond quickly and cost effectively to breach incidents.
XL Catlin’s newest breach response partners include Mandiant, a FireEye company to provide computer forensics services and Hunton & Williams, Venable, Troutman Sanders, Alston & Bird, and Davis Wright Tremaine to provide additional legal counsel resources.
According to the 2015 10th Annual Cost of a Data Breach study, conducted by the Ponemon Institute and sponsored by IBM, the average consolidated total cost of a single data breach is $3.8 million, indicating a 23 percent increase since 2013. The study also reports that the cost incurred for each lost or stolen record containing sensitive and confidential information increased six percent from a consolidated average of $145 to $154.
“A Lack of Preparedness during a cyber-attack not only runs up associated costs but also threatens a company’s reputation and customer trust,” said John Coletti, Chief Underwriting Officer of XL Catlin’s North America Cyber & Technology unit. “When an attack occurs and information is compromised, a timely and effective response is critical. Knowing where to go for the right help is equally critical.”
“We continue to build alliances with market-leading breach response providers to give our clients access to the most comprehensive cyber response network available in our industry,” said Mr. Coletti. “Our Network gives our cyber insurance clients more choices and greater flexibility, allowing them to choose expertise that best suits their needs.”
XL Catlin’s Data Breach Response Network includes computer forensics, data breach notification and credit monitoring providers, legal counsel and public relations firms to help our clients navigate sensitive breach situations expeditiously. A 24/7 hotline staffed by XL Catlin’s expert cyber claims team directs clients to a wide network of prequalified breach response services, with negotiated rates.
XL Catlin’s Data Breach Response Network also includes:
Available in a new user-friendly cyber policy form, XL Catlin’s cyber insurance provides coverage data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event. Coverage is tailored for businesses across various industries and technology companies. XL Catlin’s North America Cyber & Technology business is headquartered in New York City with underwriting offices in Chicago, Washington, DC and San Francisco
Advisen generates, integrates, analyses and communicates unbiased, real-time insights for the global community of commercial insurance professionals. As a single source solution, Advisen helps the industry to more productively drive critical business decisions about pricing, loss experience, underwriting, marketing, transacting or purchasing commercial insurance. Visit www.advisenltd.com to learn more.
