If you’ve ever been the target of an identity thief, you know how important it is to catch fraud as quickly as possible and work to contain the financial damage. With data breaches at major companies on the rise in 2017, it is reasonable to assume that 2018 will be no different. If your information is exposed in the next big data breach the way it has been for millions of Yahoo, Target, and Equifax customers, how much would it cost you to clear your name and dispute inaccuracies in your credit report?
Here at Tagge Insurance, we know how important it is to protect your identity and your business against the dangers of cyber theft. Being proactive in the fight against identity theft can help you minimize your losses and know exactly what to do in the event of a data breach.
Identity theft is defined by a theft of private information, such as your bank account, credit card number, or Social Security number. This information can be sold to criminals on the dark web, who can then use it to make purchases, take out loans, get a cell phone, qualify for a lease, or even get a job. Criminals get this information by using credit card skimmers, infecting personal computers with viruses, and by hacking into commercial databases.
You may not be able to stop your information from being exposed, but you can take steps to minimize the damage. These include:
- Reviewing your credit card statements each month
- Reviewing your bank statements each month
- Placing a fraud alert or ‘freeze’ on your credit report if you notice unauthorized activity
- Enrolling in a third-party credit monitoring service that alerts of changes in your credit report
- Purchasing identity theft insurance
Identity Theft Insurance
Identity theft insurance is available as a stand-alone insurance policy or as an add-on coverage for your homeowners, renters, or condo insurance policy. When you have this type of coverage, you can rely on it to help you pay for the costs associated with defending yourself, restoring your credit, and clearing your name. It can cover the cost of:
- Getting a lawyer
- Taking time off work to make calls
- And more
Protect Your Business
A data breach can wreak havoc on a business and cause major headaches for the owner. If your company stores customer credit card numbers or other sensitive information in your databases, it could be a target for cyber-crime. Imagine finding out that your customers’ credit card numbers had been exposed in a data breach, and your business is both legally and financially responsible. Not only would you need to cover the cost of notifying victims and paying for credit monitoring, but you might also need to pay for professional virus removal and software updates. Your company might also lose revenue while you recover from the breach.
Today’s commercial insurance solutions can include coverage for cyber-crime and the costs associated with it. These policies typically come with specific loss prevention requirements, such as mandatory staff cyber-security training and periodic third-party audits and testing. Your business may also need to develop a written contingency plan to engage in the event of a data breach.
We here at Tagge Insurance can help match you with a commercial policy that reduces your financial risk in relation to data breaches. For more information, contact an independent agent at our office today. We look forward to serving you soon.