Privacy liability is an exposure nearly all companies have today and perhaps the most widely known cyber security threat. Companies that retain any type of customer data including personal information, such as Social Security or credit card numbers, can have that information stolen by a hacker who has gained access to their network. Privacy liability insurance covers losses that arise out of an organization’s failure to protect sensitive, personal or corporate information in any format. It also provides coverage for regulatory proceedings brought by a
government agency alleging the violation of any state, federal, or foreign identity theft or privacy protection legislation.
An employee of an oilfield equipment rental company lost a flash drive containing credit applications for several large oil contractor clients.
How does the Victor policy respond?
This is an all too familiar occurrence and highlights why any security control can be undone with a quick and simple mistake.With the Victor Cyber Protection Package, all insureds receive data breach support through a Breach Response Team. The team will coach the oilfield equipment rental company through the legal, regulatory and contractual requirements to notify the clients of the situation. The Breach Response Team will also arrange for the appropriate experts to assist with the investigation to find the missing flash drive, and if necessary, arrange for public relations or crisis communications consultants to assist with messaging to the public.
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Read about a real life Privacy Liability incident.