Do you think that data breaches only happen to Target, Home Depot, the Pentagon and other large organizations? Do you believe that data breaches don’t affect the small business owners?
In a 2013 study on small commercial business by Ponemon Institute, Hartford Steam Boiler found that 55% of small business owners experienced at least one data breach. It also found that 72% were unable out fully restore their company’s data. In 2014, Verizon conducted a Data Breach Investigative Report and found that 44% of small business suffered data breaches caused by a malicious or criminal attack.
With this knowledge, you as a business owner should know that Cyber Insurance or Data Breach Liability is available and can be added on your Business Owner’s Policy. It can also be purchased as a separate policy. What’s the difference between Cyber Insurance and Data Breach Liability? Permit me to explain briefly some of the coverage that is available to you.
- Data Compromise: This is a first-party expense coverage for data breach of personal information. It offers legal and forensic IT services for counsel on how best to respond. It can cover notification expenses and costs for the services to affect individuals such as informational packets, help line, credit reporting and monitoring, identity restoration case management, and Public Relations services.
- Cyber Insurance: This is a third-party coverage for data being compromised or breached. It provides coverage for data and system restoration costs resulting from a computer attack, including unauthorized access, malware attacks, and denial of service attack.
Your clients trust you to protect their personal information as much as they rely on you to protect their business interests. Don’t let them down as your reputation is on the line when sensitive data is exposed. Show them that their information is in good hands.
I encourage you to call us today at (800) 640-4743 for more details. Protect your dream, hard work and data against cyber-attacks. We’re here to help you with any of your insurance needs.