When we think of data breaches, many of us remember the recent incidents at Target, Neiman Marcus, Michaels and P. F. Chang’s. While these hit the news reports and made us all more aware of this problem, 31% of breaches in the year 2012 were from companies and organizations with fewer than 100 employees. In 66% of the cases, the breach wasn’t discovered for months. This could happen to your business. Read on to learn how this occurs and what you can do to protect your customers and yourself.
Data breach defined:
• Loss, theft, accidental release or accidental publication of:
• Social Security number
• Bank account number
• Credit or debit card numbers
• Driver’s license number
• Patient history and medications
How a breach can occur:
• Hacking
• Theft or release due to unauthorized access (such as by former employees or vendors)
• Stolen or lost paper and electronic files
• Stolen or lost laptop, smartphone, tablet or computer disks
• Stolen credit card information
• Employee error or oversight
Who needs data breach coverage:
• Any business, small or large, that handles or stores any private business, customer, patient or employee data is at risk. The following businesses are at a higher risk for a data breach because of the quantity and type of sensitive information they handle and store:
• Health care practices
• Law offices
• Accounting offices
• Retailers
• Restaurants
• Financial services
How data breach insurance can help:
• Provides access to time-saving professional services to help quickly restore your business’ reputation, guide you in handling a breach and assistance with regulatory compliance
• Covers response expenses, including mailing notification letters, credit monitoring services and public relations
• Provides coverage for defense and liability expenses in the event you’re sued because of a breach
Give Berkely Brokerage Corp. a call today to discuss this important insurance coverage. Don’t wait until you’ve been “attacked” by cyber thieves.
