NEW YORK, June 24, 2015 /PRNewswire/ -- 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 LLP, Venable LLP, Troutman
Sanders LLP, Alston & Bird, and Davis Wright Tremaine LLP 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%
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.
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SOURCE XL Catlin