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 DATA BREACH/NETWORK SECURITY INSURANCE
For this month's newsletter we wanted to discuss an exposure that many of our valued business clients are faced with on a daily basis. Network or data breaches are becoming more and more of an issue for businesses.
In fact, many states are now requiring that businesses have formal network security programs in place. There are also fines and penalties now that go along with these breaches.
Faced with these critical exposures, many of our MTM clients are opting to secure NETWORK SECURITY OR DATA BREACH COVERAGE. At MTM, we recommend this coverage to any of our insured's that possess personal data on clients, employees and others that can be electronically stolen, hacked or lost through any other means.
Generally this coverage can include breaches that occur ELECTRONICALLY, PHYSICALLY(THEFT OF HARD COPY INFORMATION), or via FRAUD. This insurance would cover expenses associated with the following:
-Notification Expenses which include the costs to notify all individuals affected by the breach
-Defense and Liability costs associated with legal actions brought by affected individuals
-Costs associated with resolving claimants identity recovery, credit report monitoring , etc.
Many of our MTM clients are now being required by THEIR CLIENTS, to have this coverage in effect.
At MTM we value our relationship with our clients and can address these network security and data breach exposures. If you have any questions, please do not hesitate to contact us for a detailed analysis and solution.
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