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% 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:
• Computer Forensics: Navigant Consulting, Inc., Fidelis Cybersecurity Solutions, Kivu Consulting, Kroll, McGladrey LLP and Stroz Friedberg;
• Credit and ID Monitoring, Data Breach Notification and Call Center Operations: AllClear ID, NPC’s Immersion Data Breach Service, IBC and Kroll;
• Legal Counsel: Lewis Brisbois Bisgaard & Smith, LLP, Norton Rose Fulbright and Baker Hostetler;
• Public Relations: Inform LLC and Levick.
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.
Visit XL Group’s Fast Fast Forward to read more about Cyber risks, insurance and breach response.
About XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.