It used to be simple…
Exchange a product or service for money — DONE. Sure, technology has eased and quickened the way we do business, but it has also complicated matters for any business that is required to protect records of its clients.
Customer, patients and employees who entrust you with their personal or private information – such as social security number, drivers license, credit card information, and medical records – put you at risk. If that data is lost, stolen, or compromised, you business will spend valuable time conforming to a laundry-list of regulatory compliances, be subject to substantial legal ramifications and fines. Worse yet… a breach could damage your reputation.
DATA Breach – Big Business Problem, right? We hear about TJ Maxx, Target, Sony, Citigroup and others, but actually, in 2012, 1 in 3 data breaches occurred in companies with fewer than 100 employees. This is primarily because smaller companies are less likely to pay for expensive security systems or implement time-consuming and complicated controls.
DATA BREACH INSURANCE CAN BE YOUR ANSWER!
DATA BREACH INSURANCE provides broad insurance coverage for the expenses associated with a reach, including, but not limited to:
- Breach counseling: Hiring forensic experts to investigate the breach and its severity
- Compliance with data breach notification laws
- Crisis management & Public Relations – Help restore reputation of business
- Remediation services – assist those impacted with credit monitoring & identity theft
- Payment of penalties, legal defense and court awards for claims alleging “invasion of privacy.”
Some of the more comprehensive Data Breach policies will not only protect you AFTER a breach, but will work PROACTIVELY by providing consultation, advice and training on how to lower you likelihood of a data breach and reduce the severity of a breach if one does occur. This is accomplished through a partnership with Identity Theft 911, one of North America’s leading data risk management companies.