As businesses small and large continue to embrace digital tools and migrate data to electronic platforms, the potentially devastating impact of data breaches looms large. While high-profile cases often make national news, small and medium sized companies are also at risk. NorthStar Insurance Services can help you to minimize losses and preserve your brand’s good name.
What Type of Businesses Need Data Privacy Coverage?
In today’s online marketplace every type of business should have some form of cyber insurance. Despite the common misconception, data breaches are often the result of a “”low-tech”” accident or error rather than a concerted high-tech cyber attack. An insecure network, human error or social engineering tactics (e.g. “”phishing””) are the most common causes of breach.
Industries that hold large amounts of financial and/or personal information about their customers must have especially robust protections. Examples include:
- Financial services
- Insurance brokers
In addition to complying with industry, state and federal privacy regulations, institutions in these industries have a heightened obligation to their clients to protect sensitive data.
Getting Comprehensive Coverage
Simply having a policy in place is not enough. It is crucial that you choose a plan that is tailored to meet the needs of your business and your obligations to customers. The industry professionals at NorthStar Insurance Services can help you implement a comprehensive policy that addresses current and emerging information technology risks.