Consumers are becoming wiser about cyber-security as the rate of high-profile data breaches continue to rise. Equifax was the latest big company to go down, potentially exposing the private information of approximately 143 million people in the process. Of course, those are just the cases you hear about in the news. Smaller businesses are frequently hacked, too, creating financial headaches for everyone involved. We here at Smart Move Insurance recognize that while no one is safe, everyone can become more vigilant in protecting against the lasting damages of cyber-crime.
Protecting Yourself
It’s difficult to fight a nameless, faceless criminal that has run up charges on your credit cards or worse – opened entirely new accounts in your name. It can take enormous resources to fight back, including time off work, legal expenses, and even the cost to travel when need be. Identity theft insurance can help pay for these costs, giving you the funding you need to get the job done. You can add identity theft coverage directly to your homeowners, renters, or condo insurance policy, or you can purchase a stand-alone policy instead. Either way, the team here at Smart Move Insurance can help you get the coverage you need.
Prevent Major Losses: Enroll in Credit Monitoring
Credit monitoring can help minimize the damage a criminal can do to your credit by alerting you to suspicious activity as it is happening. These services scan your credit reports for changes, such as new addresses, new credit applications, and new accounts. If you think your private information, such as a Social Security number, may have been compromised, consider placing a freeze on your credit to make it more difficult for criminals to successfully open accounts in your name.
Protect Your Business
Businesses face different types of security threats than individuals. If a data breach on your company exposes the private information of your customers, your business could be held liable. The ensuing costs could be tremendous, from the cost of notifying victims and paying for credit monitoring to the bills for virus removal and website reconstruction. Not to mention, you may be fined for the breach and need to hire legal assistance in some cases.
Fortunately, there are commercial insurance solutions that can help you cover these costs so that they have a minimal effect on your company’s bottom line. Here at Smart Move Insurance, we offer commercial cyber-crime insurance designed to protect your business against a data breach. To qualify for coverage, you may need to meet certain underwriting standards, such as:
- Submission to third-party testing and audits
- Creation of a contingency plan in the event of a data breach
- Security training and education for employees
- Frequent software updates
- And more
With these measures in place, it is easier not only to pay for a loss, but also to prevent it.
For more information about cyber-security insurance or to find out how you can better protect your financial identity, contact an independent agent at our office today.
