Data Breach

Do You Need Data Breach Insurance?

Do you have a database of personal and private information?

Private Information Includes

  • Name
  • Address
  • Date of birth
  • Social Security numbers
  • Credit Card numbers
  • Driver’s License Numbers
  • Mother’s Maiden Name
  • etc.

If yes, then you have exposures that need to be addressed and can be insured. Even with the best cyber-security team, software, processes and procedures data breaches can happen. Are you using web based software? A cloud vendor? Then you may be liable if your vendor has a data breach, because your customers’ records are at risk.

What is Your Exposure if There is a Breach?

According to the Ponemon Institute, the average cost of a data breach is $204 per record.  If you only have 2500 records, that’s over half a million dollars in risk.

Your expenses could include:

  • Legal and Defense Expenses
  • Crisis Management Response Expenses
  • Regulator Fees and Expenses
  • Notification Expenses
  • Identity Theft Recovery Expenses
  • Information Asset Recovery Expenses
  • Business Interruption
  • Cyber Extoration