Beazley selects Logica in fight against cyber crime
Launch of cyber-security insurance to protect companies from surge in cyber-crime
Logica, a leading business and technology service company, today announced that it will work with insurance company Beazley in delivering Beazley’s new information security and privacy solution worldwide. Following a data breach, Beazley provides access to a range of expert services designed to mitigate the risk of legal action being brought and any reputational risk to the insured. Logica is in the front line of these expert service providers, offering forensic security analysis and support to individuals whose data has been lost or stolen through a multi-lingual service desk.
It has never been more important for companies to protect the personal data that they hold on trust from their customers. Twenty-three per cent of companies worldwide have been victims of cybercrime and this figure is set to rise.1 In fact, the cost of cybercrime rose by 44 per cent between 2010 and 2011.2
In the event of a data breach, Logica will help Beazley’s clients identify the value and sensitivity of the data that has been lost or stolen. Logica will assist in post-cover incident and claim responses alongside Beazley. Logica expertise will also be accessible by Beazley clients for assessment of pre-cover levels of risk with respect to data loss, cyber-attack and privacy liability.
Paul Bantick, who heads the London based team of underwriters who developed Beazley’s international data breach product, Beazley Global Breach Solution, said: “We are delighted to be partnering with Logica and have an extremely high opinion of their expertise and experience in this field.”
Andrew Lloyd, Director of Insurance and Wealth Management at Logica in the UK, said, “It is most organisations’ worst nightmare to lose sensitive information and, as a result, have to cope with media scrutiny, a collapse in public or customer confidence and damage to their reputation. We believe our security knowledge and global reach will perfectly support Beazley’s claim services and further enhance its reputation as a provider of insurance products worldwide. As part of Beazley’s incident management Logica will make available security teams in the local country, who will operate in the local language and provide close support to its clients.”
Richard Nethercott, Security Practice Lead at Logica, said, “We feel that Logica’s reputation in IT and Information Security as a ‘hands-on’ well informed and experienced provider will be a key strength to Beazley’s product and services. Logica has been advising businesses on security for three decades and is trusted by governments and blue chip organisations across the world with their security needs. By working with Beazley we will be able to help clients ensure they can react quickly and effectively should they be a victim of a security breach.”
Logica is a business and technology service company, employing 41,000 people. It provides business consulting, systems integration and outsourcing to clients around the world, including many of Europe's largest businesses. Logica creates value for clients by successfully integrating people, business and technology. It is committed to long term collaboration, applying insight to create innovative answers to clients’ business needs.
Logica is listed on both the London Stock Exchange and Euronext (Amsterdam) (LSE: LOG; Euronext: LOG). More information is available at www.logica.com.
The company is a public company incorporated and domiciled in the UK. The address of its registered office is 250 Brook Drive, Green Park, Reading RG2 6UA, United Kingdom.
1 PWC Global Economic Crime Survey, 2011
2 Ponemon Institute, August 2011
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd’s syndicates and, in 2011,
underwrote gross premiums worldwide of $1,712.5 million. All Lloyd’s syndicates are rated A by
Beazley’s underwriters in the United States focus on writing a range of specialist insurance
products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc.,
an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is
provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity,
property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
Jenny Thorpe – Head of PR – Jenny.email@example.com , +44 (0)771 815428