Hiscox Comments on new EU Data Protection Law and Data Loss Alerts

Hiscox Comments on new EU Data Protection Law and Data Loss Alerts

LONDON, January 25, 2012/PRNewswire/ --

    Hiscox advises on having a resilient plan in place to deal with data breach

    Following the announcement of the new proposed European data protection law, Matthew
Norris, e-risk and privacy expert at small business insurance
[http://www.hiscox.co.uk/business-insurance ] specialist Hiscox [http://www.hiscox.co.uk ],
comments:

    "The data loss notification aspect of the new proposed law is part of a wider picture
of increasing pressure on companies to be able to detect and respond to data breaches
quickly. Some businesses have suffered high profile data losses in the past year and the
speed and response in such cases is crucial in limiting the adverse effects of a breach.

    "The proposed law directs that certain internet businesses need to contact regulators
within 24 hours after an attack, and data subjects "as soon as reasonably feasible" but it
can be challenging for a company to be able to report on a complicated data breach within
that time. Realistically many breaches will still be in the process of being forensically
investigated at this stage, making it all the more essential to have an incident response
plan agreed and in place. This means the business will be able to respond with as much
detail as possible in as short a period as possible. This is especially important to
minimise damage to the brand and avoid potential penalties."

    It is essential for SME businesses to have a resilient incident response plan to
minimise the damage in the case of a data breach. In preparation for a breach such a plan
would include:

   
    - Nominate an individual who is responsible for swiftly initiating contact
      with the forensic company in the case of a breach
    - Determine when it is appropriate to involve a lawyer, for example to maintain
      legal advice and litigation privilege if the forensic report reveals adverse facts
    - Nominate a forensic company to work with in the case of a breach
    - Agreement with the forensic company on the type of instructions and contract
      it requires to start work
    - Agreement of the hourly rates from the forensic company as part of the
      contract.

    About Hiscox

    Hiscox, the international specialist insurer, is headquartered in Bermuda and listed
on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the
Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London
Market underwrites internationally traded business in the London Market - generally large
or complex business which needs to be shared with other insurers or needs the
international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist
insurance for professionals and business customers, such as public liability insurance
[http://www.hiscox.co.uk/business-insurance/public-liability-insurance ] and office
insurance [http://www.hiscox.co.uk/business-insurance/office-insurance ], as well as high
net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and
USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe
Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the
Financial Services Authority.

    For further information, visit http://www.hiscox.com.

   
    For further information please contact:
    Hiscox Ltd
    Johanna Boland
    +44(0)20-74486494
    Johanna.boland@hiscox.com

Source: Hiscox