Protecting Your Data With Insurance

If you’ve been following the data breach from the Office of Personnel Management (OPM), you’ve heard that the initial estimate of 4 million records compromised is actually only a portion of the real number. In a recent news release, it appears that roughly 21.5 million people were affected by this security breach. Cyber thieves want the private data stored by your computers, whether you are a big or small company. You need the insurance big data to protect your assets.

Cyber liability insurance does two main things. First-party coverage handles your immediate customer and business needs. This could include expenses related to a business interruption or notification of customers that their data has been compromise. Third-party coverage for insurance dig data covers your business in the event of a lawsuit brought by one of your customers. Both are valuable to your company and protect your financial assets just in case.

On average, it’s suspected that a data breach of your customer’s private information will cost your company about $150 per record compromised. When you weigh that against the cost of insurance for your big data, it makes sense to find the policy that fits your needs. In working with your insurance company, you will get information on how to protect private information and keep your customer’s safe. Don’t risk not having this vital policy in today’s marketplace.