Data Breach Insurance (Cyber liability)
What is a Data Breach?
An example of a data breach is when your bank calls one day and tells you that they will be issuing new debit cards as a precautionary measure because you made some transactions at Home Depot or Target and they had been "hacked". It is an inconvenience, but you're thankful that it wasn't worse for you.
Most of us have experienced or have heard similar stories. Some of the situations are worse. We have been inundated by headlines about Target, Home Depot, Anthem Blue Cross/Blue Shield, Sony, Uber and other big businesses who have been hit by hackers or have had data compromised. Hecht & Hecht Insurance Agency Inc. offers data breach insurance for businesses of all sizes to help protect your data and your business.
How Often Does a Data Breach Happen
What about the data breaches we don't really hear about? It's happening all the time, to businesses that are much smaller and much more vulnerable than those talked about in the news. In Portland, there have been several. Statistics tell us that 64% of every data breaches is in the last few years were from organizations with 100 or fewer employees and that 95% of all credit card breaches are against small businesses. Just about any business could benefit from business insurance with data breach coverage.
Possible Data Breach Situations
A breach or a compromise can occur to any business at any time. Here are ways that data can be compromised:
- Social Engineering
- Theft or release due to unauthorized access (such as by former employees or vendors)
- Stolen or lost paper and electronic files
- Stolen or lost laptop, smartphone, tablet or drives (disks, etc.)
- Stolen credit card information
- Employee error or oversight
Protecting Yourself From a Data Breach
One of the ways to protect yourself is to obtain Data Breach Insurance (also called Cyber Liability). This coverage offers professional services to help restore your business' reputation, provide guidance in handling a breach and assist with regulatory compliance. It also covers defense and liability expenses in the event you are sued because of a breach.
Who needs the coverage? The simple answer is that any business, small or large that handles or stores any private business, customer, patient or employee data, or who handles credit card data is at risk. You can learn more about data breach information at http://www.databreachtoday.com and stay up to date on new data breach information for your Portland business at The Data Breach Blog.
Keep in mind that this coverage is likely not part of your existing business insurance. The cost of this coverage will vary depending on your type of business, previous loss history and your desired coverage limits. There are other ways to protect your business from a breach occurring in the first place, of course, but many small businesses don't have those systems in place.
Contact a Data Breach Insurance Specialist
We encourage you to talk to an agent at Hecht and Hecht about this vital coverage today. In order to secure your business' future you need to be covered. This includes everything from general liability to data breach insurance. It could save your business! Call us at 530-542-1126 for a free Portland data breach quote today.
Hecht & Hecht Insurance Agency Inc.
425 Northeast Hancock Street
, OR 97212 USA
insurance, auto insurance, personal auto insurance
We own a business in Portland just like you do. The local community here in Portland is a part or us and we are a part of it. It's important to every agent here to help that community.