Energy mutual AEGIS has teamed up with Hiscox to write cover for data losses and breaches of privacy
Energy mutual AEGIS has teamed up with Hiscox to offer its members new protection against privacy and confidentiality risks.
Power and utility companies which are members of AEGIS will now have access to the Hiscox Privacy Protection Policy, which provides cover for liabilities arising from data losses and resultant breaches of privacy, as well as the notification costs to people affected.
AEGIS said the move comes amid growing awareness of the exposures presented by new technologies and the increasing volume of sensitive data held by organisations. Energy companies maintain a very significant amount of sensitive customer data, so they have a responsibility to secure it, said the mutual.
Alan Maguire, president and chief executive of AEGIS said: ‘With the collection and storage of data becoming more of an issue in our electronic society, we felt the time was right to provide more robust cover for this type of risk, hence our desire to offer a top quality privacy insurance product.’
He added: ‘Hiscox has been active in this class of business since the 90s and in that time has built up a considerable level of expertise which we feel will be extremely beneficial to our members.’
The Hiscox product will provide AEGIS members with:
US$25m limit with additional limits available
Liability protection against a breach of privacy either by the insured or a third party
Protection against both electronic and non-electronic breaches such as hacking, theft of a laptop or 'dumpster diving'
Forensic, notification and credit protection costs resulting from the breach
