Cyber attacks are increasing in frequency, both for individuals and businesses. Everyone is at risk of being victimized by cybercriminals, and the financial damages can be catastrophic. In 2017, private data was stolen from countless businesses, in many cases putting customer information at risk. Equifax and Yahoo are just a couple examples of recent high-profile data breaches, although there have been much more in recent years. What would you do if your Social Security number or credit card numbers were exposed? Continue reading to learn how you can protect yourself and your business against the next cyber attack.
Consumer data is alarmingly vulnerable, and all it takes is one data breach to make your private information public. Take steps now to protect yourself against the damaging effects of identity theft before headlines drop the next cyber-crime bombshell.
Purchase Identity Theft Insurance
Identity theft insurance is coverage for your out-of-pocket costs associated with restoring your credit and clearing your name when cyber-criminals victimize you. It does not cover the cost of charges run up on your credit cards or loans taken out in your name, but it can give you the financial resources necessary to fight back, including the cost of taking off work, hiring legal help, and perhaps even traveling if necessary.
If you have homeowners or renters insurance through Brian Liddicoat Insurance, it is possible that you already have identity theft coverage included in your policy. Give us a call to find out more about this important protection and how affordable it can be to protect yourself against future losses.
Enroll in Credit Monitoring
Credit monitoring is another tool you can use to stop identity thieves in their tracks. This type of service monitors your credit reports for signs of unusual activity or changes that could indicate identity theft. You receive a notification – often an email – when a new account appears in your name or when someone is attempting to apply for new credit. Catching cyber-crime early can help you prevent further damage and shut down unauthorized accounts as quickly as possible.
If You are Victimized…
- If you think your Social Security number is being used to open new accounts, it may be time to place a freeze or fraud alert on your credit report to help prevent additional attempts to borrow money in your name.
- If you notice suspicious charges on your credit card statements, contact the card issuer right away to report fraud. You may not be liable for unauthorized charges reported in a timely manner.
Protect Your Business
Businesses are vulnerable to cyber thieves, as they often house sensitive consumer information in corporate databases. Even small businesses are at risk, and one major breach could result in major liability and recovery costs. If you own your own business, cyber-crime coverage should probably be a part of your insurance portfolio. This type of coverage can help you pay for:
- Victim notification of data breaches
- Victim credit monitoring
- Virus removal/website reconstruction
- Legal assistance
- Business interruption
- Fines and penalties
- And more
If you decide to purchase commercial cyber-crime insurance, be sure to do so here at Brian Liddicoat Insurance. As an independent agency, we can help you find an insurer that understands your industry risks and provides the coverage right for you.
Keep in mind that there are often requirements for commercial coverage to help minimize the risk of a loss or claim. For example, your business may be required to upgrade your software, undergo audits, and train your staff in cyber-security practices.
For more information or to request your free quote, contact our office today.