IDentityTheft 911, the nation’s premier consultative provider of identity and data risk management, resolution and education services, today announced that it has worked with MSO Inc. (The Mutual Service Office, Inc.), a property/casualty rating service bureau to develop Data Breach Expense Coverage endorsements that are compatible with the MSO Commercial Lines programs. Two endorsement options will be available; one endorsement provides first-party property coverage while the other endorsement provides both first-party property and third-party liability coverage.
For carriers who adopt these endorsements, IDentityTheft 911 provides services that include evaluation and assessment of a data breach situation and assistance with regulators and media relations. Reimbursement for the insured’s expenses associated with the notification of a data breach, as well as the expenses of forensic investigations and the costs to consult an attorney is also offered. A data breach hotline for recipients of data breach notifications to call with issues, questions or concerns and credit or fraud monitoring services is another service provided by IDentity Theft 911.
The Ponemon Institute estimates that a data security breach in the U.S. costs an organization approximately $194 per compromised record, or $5.5 million on average per incident, according to its 2011 Cost of Data Breach Study. Notification expenses account for about 10 percent of the total cost of the data breach incident prompting the need for a real solution to managing the financial impact of a data breach.
Jan Scites, CEO and President of MSO Inc, says “We are delighted to work with the expert team at IDentityTheft 911. The company offers an important coverage option and related services to insurance companies and their customers.”
In addition to the coverage and services outlined above, the property and liability endorsement provides coverage for third party claims and potential litigation brought against the insured for a data breach. This endorsement also provides coverage for defense costs, fines and penalties.
“Thieves looking for security holes to access data or accidental loss through a misplaced thumb drive can lead to exposure of confidential information,” said Samuel Broomer, vice president, IDentity Theft 911. “Coverage alone is no longer enough protection. We’re pleased MSO, Inc. has chosen us to offer breach expertise to their member companies.”
About IDentity Theft 911®
Founded in 2003, IDentity Theft 911 is the nation’s premier consultative provider of identity and data risk management, resolution and education services. The company serves 17.5 million households across the country and provides fraud solutions for a range of organizations, including Fortune 500 companies, the country’s largest insurance companies, corporate benefit providers, banks and credit unions and membership organizations. Since 2005, the company has helped more than 600,000 businesses manage data breaches. IDentity Theft 911 is the proud recipient of several awards, including the Stevie Award for Sales and Customer Service and the Parent Tested, Parent Approved award for social networking monitoring tool SocialScout. For more information, please visit www.idt911.com, www.facebook.com/idt911 and www.twitter.com/idt911.
For information on all of the programs and services offered by IDentity Theft 911, call Samuel Broomer, vice president, at 480-745-5239 or email him at sbroomer@idt911.com.
About MSO, Inc.
MSO is the oldest continuously operating property/casualty rating service bureau, providing product development and rating services to the insurance industry since 1944. MSO has long been an industry leader, offering programs that are comprehensive and easy to use. MSO’s plain language programs save companies money by clearly excluding coverage for claims that were never intended to be paid. Consistency of policy wording between the programs also makes claims handling easier. MSO will work with companies to customize the program to meet a company’s marketing and underwriting requirements. Visit us online at www.msonet.com.
For information on all of the programs and services offered by MSO, call Sue C. Quimby, CPCU at (800) 935-6900 ext. 111 or email her at MSO_Press@msonet.com.
