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Data Breach Coverage – Crucial for any Business

By June 1, 2012June 8th, 2020Insurance

In any business, you may hold vital consumer information that would be devastating if someone were to go a hold of. Data breach is the loss, theft, accidentalrelease or accidental publication of Personally Identifiable Information (PII) that includes, but is not limited to: social security number, bank account number(s), driver’s license number, patent history and medications. There are many ways that a breach can occur. Some examples would be: unauthorized access (such as by former employees or vendors), stolen or lost paper files, stolen or lost laptop or computer disks, stolen credit card information, and employee error or oversight.

Virtually, it can happen to anyone. How do you know if you need it or not? Basically, any business that handles or stores any private business, customer and patient or employee data is at risk.

Some key industries include:

1. Professional services (eg: lawyers or accountants) and Outpatient Healthcare practices based on the importance of their relationships with clients and patients and the information they store.

2. Retailers and restaurants based on the significant number of debit and credit card transactions.

3. Financial services and insurance agencies based on the type of sensitive customer information stored.

If you want to find out how much a data breach would cost your business, visit www.databreachcalculator.com to calculate how much your business is at risk for a breach.

For more information, contact Insurance Incorporated to speak with one of our knowledgeable agents.

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