Data Compromise - Why Small Business Owners Need to Protect Their Business and Reputation
What is data compromise?
Personal data compromise is the loss, theft, accidental release or accidental publication of personal information. Personally identifying information is generally information that is not available in the public domain.
how is data breached?
Data can be breached intentionally through theft via physical theft or online hackers; or it can be inadvertently released, such as using a non-secure website or throwing away (not shredding) personal identifying information.
Is your business at risk?
If you answer "Yes" to any of the following questions, then you can be at risk for Data Compromise:
Do you collect personal information on employees or customers? Personal information can be in the form of banking information, social security numbers, etc.
Would your employees or clients be mad if their personal data was exposed?
Would out of pocket legal assistance and state penalties & fines cost severe financial hardship?
what does data compromise cover?
Data Compromise provides First-Party Coverages for Small Business to Respond to State Notification Requirements. It provides cost for:
Professional legal counsel to review the facts and advise on the course of action,
Information technologies to review the nature and extent of the data breach,
Notification to affected individuals,
Public relations services including cost to implement public relations recommendations, advertising and special promotions
(OPTIONAL) THIRD-PARTY COVERAGE for defense & liability
Third-party coverage is available to protect the insured from lawsuits filed by affected individuals.
data compromise provides additional business reputation protection
In addition to the various state notification requirements, it is expected that an entity affected from a data breach will provide services to those employees and customers affected by the breach. Failure to provide such services may further damage a business reputation. In the event of a data breach, Data Compromise coverage provides expense reimbursement for the following at no cost to those affected by the breach:
Packet of Information Materials containing loss prevention and customer support information.
Toll-Free Help Line for those affected by the beach to call with questions
One year of Credit Monitoring for up to 12 months from date of notification
Identity Recovery Case Management Services for those affected by the breach who have had their identity stolen as a result.
Hope this Helps!
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