Small businesses are now big targets for cyber crime and data breach. In fact, one-third of data breaches investigated in 2012 were from organizations with fewer than 100 employees. Anyone who stores employee or customer data is at risk. According to Identity Theft Resource Center (ITRC), the number of US data breaches increased by 27.5 percent in 2014 compared the 2013. The study found 42 percent of breaches occurred in the medical/health care industries. Bottom line: it's important to be prepared.
Imagine what might happen if …
• An employee’s laptop containing confidential employee data is stolen
• A disgruntled former IT manager embeds a virus into your computer network that posts confidential donor information onto social media accounts
• An employee accidentally puts a stack of confidential medical records into recycling without shredding
Despite the most judicious practices, these types of events happen to businesses every day. The repercussions are costly. The Ponemon Institute’s 2014 Cost of Data Breach Study found the average business cost for each lost or stolen record containing sensitive and confidential information is $201. If just 100 records are lost, the average cost would be $20,100! Plus, the requirements for notification, communication and compliance with state laws is overwhelming for most small businesses.
Key features of our Data Breach coverage:
Provides access to data protection resources
Give you a detailed breach response plan including crisis management and customer notification services
Covers the expenses incurred during a data breach response
Covers defense and liability costs associated with data breach
A Foundation Risk Partners Company