| Privacy and Information Security
General Star Management Company is pleased to introduce its new Privacy and Information Security Endorsement to its Lawyers Professional Liability insureds. The program is managed by Lockton Affinity.
Today, data is the lifeblood of business. Effectively managing data means vigilantly safeguarding client information that businesses collect and store. Following CaliforniaÕs lead, at least 30 other states have enacted security breach notice legislation placing a duty on businesses to notify potential identity theft victims that their personal information may be compromised as a result of a security breach.
Data Breach Statistics
Chilling statistics relating to data breaches occurring in 2006 (compiled by Beth Rosenberg of Sandstorm.net):
- 327 reported data breach incidents involving approximately 100,453,730 personal records
- 23% with "unknown" data losses (above the 100.4 million reported)
- 38% involve private sector businesses
- 15% of private sector breaches involved outside hackers; 40% involve laptop thefts
- 55% of laptops are stolen from offsite locations
- Minimum number of personal records potentially compromised by laptop thefts - 30,475,950
- 6% of laptop data thefts where data was described as "encrypted" or "password protected"
The Coverage
This state-of-the-art product provides first-party reimbursement coverage to protect firm assets in the event of an incident in which your firm's data is compromised as the result of unauthorized access.
Key Provisions
- Covers costs you incur to comply with state or federal third-party notification statutes
- Covers costs related to cyber forensic analysis to determine the extent of a breach and remediation measures to guard against future data losses
- Aggregated sublimits of $10,000; $15,000 or $25,000 are available
- Sublimit is not shared with your liability policy limits, so Privacy and Information Security Endorsement claims won't reduce your Professional Liability limits
- No deductibles apply
Program is managed by Lockton Affinity.
How to Contact Lockton Affinity:
www.defenseinsure.com
Lockton Affinity
P.O. Box 410679
Kansas City, MO 64141-0679
Attention: Kirke Dorweiler
Phone: 913 652 7612
E-mail: kdorweiler@locktonaffinity.com
Upper Midwest Territories
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