I just read an article in USA Today that quoted a study stating that "43% of companies had a data breach last year." All I can say is "WOW!" The report was conducted by the Ponemon Institute, which does independent research on privacy, data protection and information security policies. The article went on to explain that despite the rise in breaches, 27% of companies did not have a data breach response plan or team in place (though that's down from 39% who didn't have them in the previous year's survey).
So how safe is your data? Are you collecting and/or storing sensitive data such as credit card numbers, social security numbers or private health information? If so do you have a process in place to respond to a data breach and how you are going to pay for it? Do you have an insurance policy to protect your business in the event of a data breach?
Most commercial insurance companies offer additional coverages or endorsements to be added to your current policy or, if your risk is great, you may require a stand alone data breach/cyber liability policy. If I can help assist you in assessing your need for data breach protection, please give me a call at (580) 223-7300 or send me an email to jbramlett@bramlettagency.com
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Jake Bramlett
Complex Risk Advisor
Article found in USA Today, 9/24/14. USATODAY.com: http://usat.ly/1pcuMzL
Posted Wednesday, September 24 2014 1:55 PM
Tags : data breach, cyber liability, security
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