Information Management becoming more important in today's business environment

Most days, business owners and their employees come in to work and go through the daily grind of increasing revenues and controlling expenses with the hopes of maximizing profits at the end of the year.  What most people do NOT think about each day is how the information stored at their respective company is secured and further what would happen if it was compromised.  Most, if not all companies keep track of their clients through the use of a computer system.  Just what would happen if a computer is lost or stolen and there was information on there about your clients?  Welcome to the cyber liability world.

Most states have laws enacted to notify consumers if their information is stolen or lost.  What most businesses do not know or understand is that with this notification comes monitoring and other safeguards to prevent the same thing from happening again.  This costs an average of $204 PER EXPOSED RECORD (up from $202 in 2009)!!!  Do you have a laptop with 500 of your customer's information on it?  Well, if it turns up missing you can expect to foot the bill to the tune of about $102,000 which involves notifications being mailed out and 12 months of credit-monitoring for each record lost.  Data loss is a risk that businesses can no longer ignore.  Every company has the exposure.  Just as you would insure your contents and your cars, you should be protecting yourself from claims involving data loss.

Cyber Liability policies protect you from the exposure of data and information breaches, including identity theft which is running rampant in this country.  The loss control services that we offer look more at the management of security risk rather than specific risk controls, such as anti-virus software.  If a breach does occur, we and the policy will respond by walking you through the steps to notify your clients and help you comply with state laws that govern what to do in such an instance.  

Does your company have this exposure?  Most likely, it does.  Do you have to foot the bill for such an event as data loss?  Absolutely not!  Give us a call today to see how we can help!