Cyber Theft, are YOU at Risk?

by Steve Wilson on February 27, 2012 · 0 comments

in Homeowner's, Life

In today’s world of technology, when we mention cyber – what do you think of? Perhaps you think of the Internet, data that is sent from your computer, smart phones, laptop computers, and tablets. As a business, are you exposed to cyber theft?

Privacy and network security coverage is relatively new in the insurance market place, and is still evolving ….
It goes by many names, but the core of this insurance coverage is designed to protect the information assets your business maintains, the network infrastructure through which you access your information, and implications of a breach of either.
In many cases, your business has access to confidential personal data. As an employer, you have social security numbers, dates of birth, drivers license numbers etc. for employees. You may even have the same information for subcontractors and vendors with whom you do business. Tax ID numbers, bank account numbers are all exposed in the modern day business world’s use of computers and the Internet.
Other businesses have personal information, ideas and corporate information. These are all examples of property. It is property that may not catch fire or be destroyed in a windstorm, but it can be stolen or damaged. The loss of this data property might limit your ability to do business and leave you liable. Data is property that can be stolen, even if it is backed up or stored off site using a data hosting or cloud service. If your computer system or server is hacked resulting in stolen data you and your business are at risk!
Who is at risk? Anyone that collects personal or other sensitive data is at risk. This includes many different service firms and industries from accountants, healthcare firms, financial advisors, lawyers, retailers and even insurance agents!
Think about the following. Consider if you handle any of the data listed below , whether employee or third party: social security numbers , addresses or phone numbers, credit card information, email addresses, financial records – including investments, bank information, payroll information, user names and passwords, health insurance and health records, student information, agreements and contracts. Another example of risk occurs when a company employee takes home a laptop. It is stolen from the car while the driver is out of the car. Cyber insurance covers theft of the data stored in the laptop and the cost of restoring the data. The risk goes on and on …
Cyber insurance is available. First and third party coverage should be considered for the loss or damage to the digital data you store. This is called Network Security and Privacy coverage. Don’t think you don’t need this coverage because you don’t appear to be exposed. Call and discuss cyber theft with Wilson Insurance Group. We have policies and endorsements that can reduce or eliminate many of the risk that your business faces daily in this age of technology that we live in.

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