Data Breach: Is Your Business At Risk?

Data Breach: Is Your Business at Risk? With nearly every business collecting personal data from customers, the threat of a data breach is high and could be devastating to your business. KNOW THE DATA BREACH FACTS: OF SMALL BUSINESSES 1/2 A LAPTOP IS STOLEN 53 EXPERIENCED A SECURITY IN THE U.S. BREACH EVERY SECONDS 4 OUT OF 10 888 f 20% OF CUSTOMERS WHOSE DATA IS CUSTOMERS BREACHED WILL CONSIDER LEAVING IF THEIR INFO IS LOST WILL LEAVE IMMEDIATELY BE PREPARED TO NOTIFY: 46 STATES HAVE LAWS THAT REQUIRE NOTIFICATION OF DATA BREACH As of October 1, 2012, 46 states plus the District of Columbia, Puerto Rico and the Virgin Islands now have laws requiring notification of individuals whose personal info is lost or stolen (Kentucky, South Dakota, New Mexico and Alabama currently don't have a notification law). Even if a business is located in a state without a state data breach notification law, the business is responsible for complying with the law of the states that do. So, while a business may be in a state that currently has no law, its customers may be in a state with a law. MAKE SURE YOUR INSURANCE COVERS: THE COST TO YOUR LEGAL YOUR RESPOND DEFENSE ID THEFT TO A BREACH AND LIABILITY RECOVERY EXPENSES Defense costs in response to legal actions brought by affected individuals Identity recovery services for business owners Cost to notify affected individuals of a breach Costof professional reviews to Reimbursement of expenses incurred due to theft of your identity determine extent of the breach Credit monitoring and identity restoration services for affected individuals Data Compromise Plus coverage is availabke through your State Auto independent insurance agent. Find an agent at www.StateAuto.com. STATE AUTO Insurance Companies Sources: Symantec/Small Business Technology Institute; Ponemon Institute report, Consumer Survey on Data Security Breach Notification; Gartner Group; Hubspot; State Auto Insurance Companies