Back To School:  Make Sure Your College/Boarding School Student Is Covered

Security Breaches:  Are you covered? 

An employee at a large national mortgage company was caught scheming to steal and sell personal information from over $2 million mortgage applicants.  In the past few years major retailers such as TJ Maxx, Hannafords, Barnes and Noble, and BJ's Wholesale Club have had the their computer systems hacked and the perpetrators were able to obtain the credit card information, addresses, social security numbers and other personal information of people who shopped at those stores.

Some companies do not even have to be hacked to experience a security breach.  A Georgia health insurance company accidentally sent 100,000 benefit letters to the wrong addresses, in a privacy breach that also raised concerns about identity theft.  Due to the strict security laws that many states have in place, security breaches such as these can end up costing a company millions of dollars.  Unfortunately, most business insurance policies do not provide coverage for security breaches and companies who have had their customer information compromised have to pay any costs they incur, such as law suits, fines and other fees. 

At MTM, we have a solution to this problem.  We represent several insurance companies that can offer low cost security insurance policies that will protect your company in the event your security has been breached.  These security insurance policies will reimburse you for many of the costs associated with security breaches, including the fines and fees which may be imposed by the various states that you do business in.  They can also cover you from any lawsuits that are filed against you by clients who identities may have been stolen due to a security breach and for any loss of income you experience from clients who may leave you due to a security breach.

Please contact us if you would like to discuss how these policies may benefit you.