A smaller company often means a smaller budget for IT security systems and personnel. Unfortunately, smaller budgets are not a valid excuse for not implementing proper data security policies and procedures. If a small-to-mid sized business (SMB) possesses, collects and processes Personally Identifiable Information (PII), it needs to apply “reasonable” security measures to safeguard and protect the data in question. Under many existing statues and regulations, (PII) is broadly defined to include, most commonly, an individual’s name in combination with a social security number, driver’s license number, account number, passcode, credit or debit card or any non-personal information as defined in the applicable privacy law or regulation. This is not the only information that must be safeguarded, however, as the U.S. takes what’s known as a “sectoral” approach to data security; meaning that different laws, regulations and requirements may often apply depending on the industry at issue.
A SMB’s financial stability and future may hinge upon how well they manage and protect their private data.
Data breach insurance can help businesses and organizations get back to business after a cyber attack or a data breach. While cyber insurance can’t prevent an attack from happening, it can help your business or organization respond to a cyber attack or a data breach. There are policy conditions, so you will want to make sure you understand upfront what’s required on your part for coverage to apply.
Types of Coverages Available
Data breach insurance offers businesses a comprehensive risk management solution for assisting in a cyber attack/and or data breach recovery scenario. It may offer coverages such as (depending on the specific policies and endorsements):
– crisis management and customer notification expenses,
– credit/identity theft monitoring,
– privacy and security liability,
– business interruption,
– cyber extortion,
– hacker damage costs,
– privacy regulatory defense and penalties,
– computer forensics investigation,
– a “Data Breach Coach” (aka “Privacy” attorney), and
– pre-breach planning services.
It’s important to note that all cyber insurance policies are not standard policies and vary by insurance carrier.
Let our Experienced Cyber Insurance Experts Help
For assistance, please complete the box below to learn how a Cyber Risk Insurance policy can help you be prepared for a network security or a data breach event. Or call 1 + (855) CUT-RISK.
CYBER DATA RISK MANAGERS LLC is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.