XL Catlin's Cyber & Technology insurance business is adding computer forensic and legal resources to its network of prequalified breach response specialists in North America to help customers respond to data breaches quickly and cost effectively.
XL Catlin's newest breach response partners include Mandiant, a FireEye company, to offer computer forensics services, and Hunton & Williams LLP, Venable LLP, Troutman Sanders LLP, Alston & Bird, and Davis Wright Tremaine LLP to offer additional legal counsel resources.
"A lack of preparedness during a cyber-attack not only runs up associated costs but also threatens a company's reputation and customer trust," said John Coletti, chief underwriting officer of XL Catlin's North America Cyber & Technology unit. "When an attack occurs and information is compromised, a timely and effective response is critical. Knowing where to go for the right help is equally critical."
The average consolidated total cost of a single data breach is $3.8 million, indicating a 23 percent increase since 2013, according to the 2015 “Cost of a Data Breach” study, conducted by the Ponemon Institute and sponsored by IBM. The study also found that the cost incurred for each lost or stolen record containing sensitive and confidential information increased 6 percent to a consolidated average of $154, from $145.
"We continue to build alliances with market-leading breach response providers to give our clients access to the most comprehensive cyber response network available in our industry," Coletti said. "Our Network gives our cyber insurance clients more choices and greater flexibility, allowing them to choose expertise that best suits their needs."
XL Catlin's Data Breach Response Network also includes:
- Navigant Consulting Inc.
- Fidelis Cybersecurity Solutions
- Kivu Consulting
- McGladrey LLP
- Stroz Friedberg;
Credit and ID Monitoring, Data Breach Notification and Call Center Operations:
- AllClear ID
- NPC's Immersion Data Breach Service
- Lewis Brisbois Bisgaard & Smith LLP
- Norton Rose Fulbright
- Baker Hostetler;
- Inform LLC
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