Data Breach: Just the Facts!

July 2, 2013

NEWS HEADLINES SHOUT: Data Breach at Facebook, Linked In, XYZ Bank or other large business but small businesses are increasingly becoming victims of data breach involving the compromise of customers sensitive information leaving the businesses liable for their clients identity theft. Businesses are also having their confidential information breached.  Trusted relationships with clients can vanish overnight in the nightmare of a business data breach. Many businesses feel a deep sense of responsibility to their clients, employees or patients and worry about how they will restore their customer’s trust and their business’ reputation.

Data breach  is defined as : Loss, theft, accidental release or accidental publication of Personally Identifiable Information (PII) including

-Social Security Number

-Bank account number

-Driver’s license number

-Patient history and medications

Data Breach can occur  when: Employees or vendors have unauthorized access to files, paper files are lost or stolen, stolen or lost laptop or computer disks, stolen credit card information, employee error or oversight

GOOD NEWS: WE CAN HELP YOU FIND THE RIGHT DATA BREACH COVERAGE FOR YOUR BUSINESS!!

Who Needs Data Breach Coverage???

–Any business that handles or stores private business, customer and patient data.

Coverage is available as an endorsement to policies or as a stand alone policy. Data Breach coverage is a relatively new market for insurance and many businesses are not aware that it is fairly inexpensive to cover this very expensive exposure.  We can help you do a risk analysis on your business to determine what exposures you have. In the meantime all businesses should take precautions to limit their exposure by encrypting and password protecting sensitive data. Encrypting files is easier than you think. Contact us for your copy of “How to Hide Data in Plain Sight”. In the meantime take a look at 8 Tips to Help Reduce Your Risk of a Data Breach and remember nothing is foolproof so take steps to make sure your business has Data Breach coverage in place!