XL Eclipse provides extensive cyber liability coverage, including costs associated with mandatory data breach notifications to customers and authorities, as well as civil regulatory fines and penalties. As part of an integrated incident response element, the policy also offers first party cover for IT forensics, Business Interruption, Extortion Threat, credit monitoring and even the costs of public relations specialists to a manage reputational fallout following a data breach.
For technology products and service providers, the XL EclipsePro solution incorporates technology E&O to address their professional liabilities. This coverage also meets the needs of electronic communication service providers facing increased legal exposures resulting from the European Commission’s recently amended ePrivacy Directive.
Dawn Simmons, Senior Underwriter Professional Lines for XL Insurance, said: “The combination of more sophisticated criminals and stricter data breach laws results in companies facing increasing financial and reputational exposures. The average cost of a data breach in Europe in 2010 was approximately £1.9 million and we expect that number to rise in the future.
“In the light of stricter laws being implemented throughout Europe, companies from all sectors need to protect themselves against the soaring costs associated with hacker attacks, lost data or human error. Our incident response coverage also helps them limit their reputational damage following such events."
About XL Insurance
“XL Insurance” is the global brand used by XL Group plc’s (NYSE: XL) insurance companies. More information is available on www.xlinsurance.com. XL was formed in 1986 in response to the unmet risk management needs of 68 of the world's largest companies. This year, as XL celebrates its 25th anniversary, it remains the company clients look to for innovative insurance and reinsurance solutions for their most complex risks.