If a business handles any customer’s name in combination with one or more of the following: Social Security number; Driver’s License number; or any financial account number or credit card number, that business is at risk of a Data Breach
Your business clients are risking valuable company assets in damages, fines, penalties, defense costs and other expenses when a Data Breach occurs if they have no coverage in place.
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Policies can cover hacking/theft, rogue employees, mistakenly lost data and even physical files.
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Minimum premiums as low as $300 for a comprehensive policy.
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While these policies include Damages and Defense, they also usually include a vast array of loss mitigation elements such as Data forensics, Notification Costs for affected parties and even Public Relation funding.
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If there is a possible Breach, these policies give the Insured a point of contact to report the breach to and an expert at the carrier can help navigate the ever changing reporting and documentation process.
Facts about Data Privacy:
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The legislative environment for Data Privacy laws is becoming more onerous as these law constantly evolve.
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Almost 40% of data breaches are from employee mistakes such as losing a flash drive, Laptop or Smartphone containing clients’ personal information.
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The average cost of credit monitoring alone is $20-$30 per individual personal record breached.
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Coverage provided on “throw in Endorsements” on BOPs are usually very restrictive and don’t provide nearly as extensive as coverage of a true policy.
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Any entity that maintains health records is more at risk of fines from regulators due to HIPAA and HITECH regulation.
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