LifeLock Introduces Identity Theft Protection for Enterprise Data Breach Response Plans
LifeLock, Inc. (NYSE:LOCK) , an industry leader in proactive identity theft protection, introduced a new service for organizations to integrate identity theft protection into their data breach response plans. LifeLock Data Breach Service enables organizations to rapidly activate LifeLock if they are exposed by a data breach and help protect their customers or employees from identity fraud.
“The number of significant data breaches over the last year shows that it’s nearly impossible to protect against a data breach,” said Don Beck, senior vice president of Enterprise Sales and Alliances for LifeLock. “The LifeLock Data Breach Service gives companies an emergency plan, with no set-up cost and at discounted rates, so that they can act quickly to help safeguard affected customers or employees from identity theft and protect their reputations.”
LifeLock has provided breach response services for enterprises for several years, and this new service is designed to help organizations plan their response to data breaches. LifeLock Data Breach Service establishes a pre-negotiated plan to mobilize LifeLock identity theft protection for any customers or employees exposed by a future breach at a discounted rate. Companies do not pay for the service unless a breach occurs and the service is activated. Additionally, LifeLock does not sell members’ data to outside parties.
Identity theft protection for customers is an important part of a checklist for companies developing data-breach crisis plans. A recent study by Forrester Consulting showed that one in three individuals who were notified that their personal information was part of a data breach reported that they experienced identity theft.1
Beck added, “We learned through conversations with companies in a variety of industries that the vast majority of time and resources are spent on breach prevention. This means that identity protection for customers is often an afterthought. The new LifeLock Data Breach Service offers a way for companies to plan for a breach so that they are prepared to move quickly to help protect their customers and their reputation.”
LifeLock Data Breach Service includes:
- Primary LifeLock Alert System: Actionable alerts are sent in near real time when LifeLock detects a Social Security number, name, address or date of birth in applications for credit and services within its network2. LifeLock monitors over a trillion data points, including those used for new credit cards, wireless services, retail credit, mortgages, auto and payday loans. Members can choose alerts by text message, phone, or email and respond immediately to confirm if the activity is fraudulent with the company’s proprietary Not Me(R) verification technology3.
- Continuous Live Member Support: U.S.-based Member Services Agents are available to help 24 hours a day, 7 days a week, and 365 days a year.
- Certified Resolution Support: A Certified Resolution Specialist will personally handle a case and help restore a member’s good name in case of a fraudulent event. These specialists are Fair Credit Report Act (FCRA) certified and trained on federal legislation, national credit repository guidelines and consumer rights.
- $1 Million Total Service Guarantee: If a LifeLock member becomes a victim of identity theft, LifeLock will spend up to $1 million to hire experts, lawyers, investigators, consultants and necessary professionals to help their recovery4.
Identity fraud comprises much more than a fraudulent charge on a credit card; it includes new accounts, loans, or services being opened up in a victim’s name without their knowledge. An estimated 16.6 million U.S. citizens have experienced at least one incident of identity theft in 20125.
LifeLock, Inc. (NYSE:LOCK) , is a leading provider of proactive identity theft protection services for consumers and risk management services for enterprises. LifeLock’s threat detection, proactive identity alerts, and comprehensive remediation services provide peace of mind for consumers amid the growing threat of identity theft. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly-owned subsidiary, LifeLock offers identity theft protection that goes beyond credit monitoring. As part of its commitment to help fight identity theft, LifeLock works to train law enforcement and partners with a variety of non-profit organizations to help consumers establish positive habits to combat this threat.
1 Identity Theft Study, a commissioned survey conducted by Forrester Consulting on behalf of LifeLock, April/May 2014. Results are based on survey participant identity theft and life events of past 12 months.
2 Network does not cover all transactions.
3 Fastest alerts require member’s current email address. Phone call alerts made during normal business hours.
4 The benefits under the Service Guarantee are provided under a Master Insurance Policy underwritten by State National Insurance Company. As this is only a summary please see the actual policy for applicable terms and restrictions at LifeLock.com/legal.
5 “Victims of Identity Theft, 2012,” Department of Justice, 2013.
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