Breaches involving customer information and data have been common news stories as of late. Major chains including retailers and restaurants have been victims of recent security breaches. This may have affected you personally by having to change credit/debit card numbers or your passwords. But, have you considered how it might affect you professionally if you own your own commercial business and there is a security breach? Without the right coverage, you and your business may not be covered for this type of loss.
What is data breach insurance?
Data breach insurance is an optional coverage usually found on most business owners or general liability commercial policies. The coverage assists you with complying with regulatory requirements in the event of a security breach and how to handle the data breach. The coverage typically also assists with defense and liability costs in the event you are sued because of a data breach.
Do I need data breach insurance?
If you retain customer data in any form, data breach insurance is recommended. Sometimes security breaches are not noticed for months or even years. For a small business owner, dealing with everything from informing customers to navigating through the regulatory process may be too much to handle.
How can I better prepare myself against a breach of security?
Below are ten tips from The Hartford regarding how you can help protect your business from data theft:
- Secure sensitive customer, employee, or patient data
- Properly dispose of sensitive data
- Use password protection
- Control physical access to your business computers
- Encrypt data
- Protect against viruses and malicious code (“malware”)
- Keep your software and operation systems up to date
- Secure access to your network
- Verify the security controls of third parties
- Train your employees
Contact The Andrew Agency
The Andrew Agency can help you secure the data breach coverage that is right for you and your business. Call us today at 804-320-2886.