When it comes to cybersecurity, it can be difficult to gauge your risk. Maybe you installed some anti-virus software and make an effort to only give your private information to trusted and reputable sites when absolutely necessary; but is that enough? In a world where criminals are capable of stealing the private information of billions of people by hacking into corporate databases from companies like Equifax and Yahoo, how can you be sure you are protected?
Whether you are an individual or you own your own business, we here at Mid-Rivers Insurance want you to be educated about cybersecurity and the dangers of data breaches and identity theft. Continue reading to learn how to better protect your information against hackers and learn how to defend yourself better if your Social Security number or credit card information is ever exposed on the dark web.
Protect Your Business Against Loss
Regardless of how big or small your company is, it can be hacked by cybercriminals. If you house private or sensitive customer information in your commercial databases, a data breach could leave you liable for the damages, both civil and punitive. It could cost tens of thousands of dollars or more to remove a virus, replace compromised software systems, notify victims of the data breach, and potentially pay for credit monitoring services to protect customers against potential loss.
Make sure you are prepared for a possible data breach by purchasing commercial coverage designed to minimize your financial risk exposure in the event of a cyber-attack. This coverage can help cover your legal expenses, victim notification, software cleanup, and more, but it does typically come with some underwriting requirements. In general, insurers will expect your business to adopt safe security practices and protocols that will minimize the risk of data loss. Examples include:
- Official cybersecurity employee training
- Audits and third-party testing
- Software updates
- And more
For more information about commercial data breach insurance, contact our office today.
Protect Yourself Against Identity Theft
As an individual, identity theft is a very real threat, and it can strike at any time. With so many high-profile data breaches exposing the accounts of millions of Americans in recent years, it is difficult to know exactly how many times your private information has been accessed or sold on the dark web. If a criminal has your credit card numbers, you may find several fraudulent charges on your accounts. If it is your Social Security number that has been exposed, a criminal can open entirely new accounts and generate financial debts in your name.
While you may not be able to stop an attack, you can equip yourself with the tools necessary to defend against such an offense. To start, we recommend purchasing identity theft insurance if you do not already have it. Identity theft insurance is not designed to cover the cost of fraudulent liabilities; it can help give you the res to defend yourself and restore your credit.
Identity theft insurance is available as a stand-alone policy, or you may already have the coverage added to your homeowner’s insurance or your renter’s or condo-owners insurance policies. If not, talk to an agent here at Mid-Rivers Insurance to get your free quote.
Other Ways You Can Protect Yourself
Even with identity theft insurance, prevention is still the most effective and affordable way to handle a breach of personal information. We recommend enrolling in a reputable credit monitoring program that can help you keep track of the activity on your credit report. It can notify you of major changes – including the opening of new accounts or a big increase in your account balances. You should also regularly check your statements and report any signs of suspicious activity right away. When found quickly, you may be able to reverse fraudulent charges, close compromised accounts, and freeze your credit to prevent future damages.