BrandGuard® provides added protection for a company’s reputation in the event of a breach. This component offers coverage for lost revenue incurred as a direct result of an adverse media report or notification to affected individuals following a security breach or privacy breach.
After reporting a data breach to state officials, a regional CPA firm was featured in a series of news reports about recent data security breaches involving financial services corporations. The news reports were published at the start of the tax season.
Due to the breach, related negative press and the timing (tax season), the firm experienced a significant downturn in business. BrandGuard® coverage reimbursed the firm for the demonstrated loss of revenue resulting from the data breach.