Throughout 2017, data breaches were constantly making news – so much so that they have become the ‘new norm’ for U.S. consumers. Just a few months ago, Equifax announced a data breach that affected approximately 143 million people, which is nearly 1 in 2 people who live in the U.S. Both businesses and individuals are at risk these days, but there are a few things you can do to protect yourself and your company if you are targeted.
There is little you can do to keep your sensitive information from prying eyes, but you can take steps to safeguard against the financial repercussions of identity theft.
Purchase Identity Theft Insurance
Identity theft insurance helps cover the secondary costs associated with identity theft. The process of closing unauthorized accounts and eliminating liabilities at banks and other financial institutions can be costly and time-consuming. Imagine how much it would cost you to take time off work, spend countless hours on the phone, hire legal assistance, and perhaps even travel to clear your name and restore your credit. Identity theft insurance is designed to alleviate these expenses when you are victimized and minimize your out-of-pocket costs.
You can get identity theft insurance from an independent agent here at Billy Brown Insurance either as a stand-alone policy or by adding the coverage to your homeowners, renters, or condo-owners insurance.
Enroll in Credit Monitoring
Credit monitoring services help you keep track of the changes in your credit report. Some send instant alerts when new information is reported that could be an indication of fraud. Even if a criminal is not successful in opening an account in your name, some credit monitoring services can still notify you of credit inquiries that indicate an application for credit. If you catch it quickly, you may be able to place a fraud alert or ‘freeze’ on your credit to help prevent additional accounts from being opened in your name.
Protect Your Business
Owning a business comes with big responsibility, whether you own a small, single-person shop or a multi-location company. Regardless of your business size, it could be targeted for cyber theft – particularly if you store sensitive information about your customers in your computer databases. All it takes is one stealth virus to cause significant damage that goes unnoticed for days, weeks or even months at a time. Once you detect a hacker, you are obligated to inform victims of the breach, which could lead to issues with liability.
Cyber-crime insurance is designed to protect businesses against the costs associated with a commercial data breach, from the cost of credit monitoring for victims to the expense associated with repairing your databases. It can also cover the cost of legal fees, fines, and business interruption if necessary.
Talk to an agent here at Billy Brown Insurance for more information about how you can protect your business against cyber theft. Insurance coverage is available, although the underwriting requirements may vary by insurer and your business’s size and industry. It is not uncommon for insurers to require companies to undergo:
- Professional cyber-security training
- Third-party testing
- Frequent software updates
- And more
Contact our office to request your identity theft insurance or cyber-crime insurance quote today. We look forward to serving you soon.