OneBeacon announces partnership with Equifax to protect against hackers
OneBeacon Professional Insurance, a division of the OneBeacon Insurance Group, has announced that it is updating its Network Security and Privacy Liability Policy. The insurer has teamed with Equifax, a leading consumer credit reporting agency, to provide data breach services to its policy. Data breach is becoming a very serious issue for large companies that have a wealth of consumer information stored in servers. If this information were to be stolen by a hacker or otherwise compromised, it could mean serious losses for a company that could result in major financial backlash.
Equifax to provide services to companies that fall victim to data breach
Equifax has developed what is considered to be an industry standard for data breach services through its popular turnkey program. If policyholders fall victim to data breach, Equifax will handle notifying the affected consumers, offer credit monitoring to these victims, and provide call center services to OneBeacon. OneBeacon considers its partnership with Equifax a step in the right direction toward offering businesses better protection against hackers.
Data breach can do serious damage to reputation
Equifax notes that a data breach can do significant damage to a company’s financial standing. For large companies, data breach could also fracture reputation, which is something that can be very difficult to fix. For some large businesses, a data breach could undermine credibility, which could cause a major exodus of consumers as people no longer feel safe with the affected company. The services provided by Equifax could help mitigate the negative impact of data breach and help companies retain some degree of credibility with consumers.
Policy does not cover all types of data breach
OneBeacon notes that not all data breach events are covered by its Network Security and Privacy Liability Policy. As such, Equifax will only provide services to events that are covered through the policy. Interested parties are encouraged to examine the provisions of the policy in order to ensure they are receiving coverage that is suitable to their specific needs.