SLB Insurance Group Launches Data Hosting and Cloud-based Service Provider Data Breach Response Product through West Coast Branch

    FORT LAUDERDALE, FL, December 03, 2013 /24-7PressRelease/ -- Standard Lines Brokerage dba SLB Insurance Group (www.slbig.com), a leading provider of insurance products, today announced that the company will begin offering exclusive customized cyber-privacy insurance policies that extend to an IT data service provider's clients and their related expenses as a result of a breach. It is this new offering, in combination with their continued focus on traditional property and casualty products, which has enabled the company to enjoy double digit growth every year since 2010.

Jose Ruiz, Underwriter at SLB Insurance Group, said, "SLB's new Security and Data Breach Contractual Response Program is the only one like it in the marketplace for data technology companies. Typical technology or network security insurance products only cover the Insured for their own expenses and exposures. This product is truly unique in that the coverage provides an allotted limit, up to $100,000, for each and every one of the data service provider's clients and their own expenses. The contractual response aspect is that the IT provider will indicate on all their client contracts that this insurance is available to them should a breach occur."

Insurance expense components of this innovative program include:
1. Forensic Audit Expenses - costs of a security assessment conducted by a qualified assessor to determine cause and extent of a data security event.
2. Data Restoration Expenses - costs for a client to restore, recreate or recollect electronic data that was damaged or lost as a result of an event.
3. Compliance Penalties - civil fines or penalties imposed against a client by a government entity or agency, or a monetary assessment imposed by a payment card association (such as PCI/DSS).
4. Post-Event Expenses - event/breach notification letters (legal consultation, printing & mailing expenses), identity theft call center assistance including identity restoration services, identity monitoring services and victim cost reimbursement.

Mr. Ruiz explained, "The feedback we have received about this product has been overwhelmingly positive from the 'big data' service community. Data technology experts recognize that SLB's Security and Data Breach Contractual Response Program differentiates them because it is a goodwill insurance product enhancement that they can offer in a highly competitive and booming industry. The best part is this additional coverage can be added for a small increase to the data and cloud-based service prices currently being offered by the companies."

Founded in 2000, SLB Insurance Group is a leading provider of insurance solutions serving agents in all 50 states. SLB Insurance Group has offices in Florida, Louisiana and California. For more information, contact Jose Ruiz at 818-631-7198 or email [email protected]

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