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What type of insurance coverage do you need?

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No company, big or small, is immune to a data breach. Many small employers falsely believe they can elude the attention of a hacker, yet studies have shown the opposite is true - a growing number of businesses with fewer than 100 employees are reporting data breaches every year.

 

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Data breach response policies are essential for organizations of any size. A response policy should outline how your company will respond in the event of a data breach, and lay out an action plan that will be used to investigate future potential breaches to mitigate damages.

 

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What is a Data Breach?

A data breach is an incident where Personal Identifying Information (PII) is accessed and/or stolen by an unauthorized individual. This includes:

  • Social Security Numbers
  • Credit Card Information
  • Tax Identification Information Numbers
  • Payroll Information
  • Medical Information

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What are Your Internal Responsibilities Upon Learning of a Breach

Breaches or suspected breaches must be investigated immediately. Since all PII is of a highly confidential nature, only personnel necessary for the data breach investigation should be informed of the breach. The following information should be reported to appropriate management personnel: 

  • When (data & time) did the breach happen?
  • How did the breach happen?
  • What types of PII were compromised?
  • How many customers/employees were affected?

Once basic information about the breach has been established, management should make a record of the event and people involved, as well as any discoveries made over the course of the investigation to determine whether or not the breach has occurred.

 

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Once a breach has been verified and contained, perform a risk assessment that rates the:

  • Sensitivity of the PII (customer contact information alone may present much less threat than financial information)
  • Amount of PII lost and number of individuals affected
  • Likelihood that PII is usable or may cause harm
  • Likelihood that PII was intentionally targeted
  • Strength and effectiveness of security technologies protecting PII
  • Ability of the company to mitigate the risk of the harm

 

Data breaches can have immediate and long-term negative effects on your company. Cyber Liability Coverage can help you if you experience a breach.

Contact Carriage Trade Insurance to learn more about the best Cyber Liability Coverage for your company. 

 

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