A privacy breach that exposes sensitive customer information can be high-impact for all businesses. But it can be especially devastating for a small business, causing significant financial strain and irreparable harm to your reputation. So, what are the odds of a breach happening at your business?
Those are terrifying odds! You need to be prepared for a breach, understand how to respond, and be proactive to reduce the impact on your bottom line.
Privacy Breach Response Insurance Coverage
Society’s cyber liability insurance provides coverage for privacy breach response costs, notification expenses and breach support credit monitoring expenses. This includes reasonable mitigation costs and expenses incurred as a result of a privacy breach, security breach or adverse media report – like legal expenses, public relations and advertising expenses, information technology (IT) forensic expenses, postage, and the cost to provide call centers, credit monitoring and identity theft assistance.
Consider this scenario: A programming error within the computer system at a mid-size chain of restaurants allows customer information to become publicly visible on the internet and approximately 8,700 customers are affected. The costs associated with this breach include customer notification costs, IT forensic expenses, legal fees and public relations expenses, all totaling more than $125,000. This would be covered by your Society cyber liability insurance policy.
To learn more about this important coverage and other small details that make a big difference, contact your local Society Insurance agent.
There is no time like the present to educate yourself and your employees on the importance of data security.