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Robert W Schmidt & Company e-Newsletter
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Robert W. Schmidt & Company
155 S. Executive Drive, Suite 204
Brookfield, WI 53005-4219
Toll Free: 800-361-4011
Phone: 262-790-4011
RWSins@RobertWSchmidtCo.com

Atomic8Ball e-Newsletter

DataBreach/Cyber Liability/Data Security —
A Must Buy for ALL Businesses No Matter the Size!

Data security and privacy is of paramount concern to risk managers and businesses around the world. Whether a business keeps confidential employee data, customer information such as credit card data, or confidential client information, maintaining the security and privacy of this information is critical. Recovering from a breach can be expensive and time consuming. Determining the cause and extent of the breach, complying with the notice laws, correcting damage, public relations, and potential lawsuits from customers and clients can truly drain a business.

Security Risk

Data breaches occur every day. While hacking incidents are the most recognizable and expensive cause of data loss, they are not the most common. It's a startling fact - simple human error accounts for three out of four incidents

  • 40% of the data breach cases are from people making mistakes, such as losing laptops or flash drives
  • 36% are system glitches, such as software updates, which inadvertently expose sensitive private files
  • 24% are malicious and criminal attacks1

COVERAGES PROVIDED BY AN INSURANCE POLICY:

Data Breach & Privacy Liability (3rd party coverage)

  • Covers liability arising out of unauthorized access to confidential information
  • Broad definition of unauthorized access to include paper records
  • Coverage afforded for unauthorized access by employees and other authorized users

Supplementary Payments

  • Extends to private data entrusted to a third party

Data Breach Loss to Insured (1st party coverage)

  • Costs to restore insureds own data
  • Theft of money and securities through unauthorized access
  • Extra expense while recovering from the breach

Electronic Media Coverage

  • Covers web content, including social media, which is alleged to include:
    • Libel, slander, other defamation
    • Accidental public posting of private information and copyright, trademark infringement

Reward Coverage Reimbursement

Forensic/Incident Response Services

OUR TARGET CLASSES:

  1. Medical Facilities
  2. Insurance Agencies/Brokers/Companies
  3. Car Dealerships
  4. Regional Banks and Credit Unions
  5. Benefit Administrators, TPAs
  6. Retail Stores
  7. Contractors
  8. Manufacturers
  9. Wholesalers
  10. Consultants
  1. State and Municipal Governments
  2. Ambulance Service
  3. Architects & Engineers
  4. Bar/Tavern/Restaurant
  5. Rental Car Agency
  6. Property Manager
  7. Day Care Center
  8. Hotel/Motel
  9. Fitness Center
  10. Travel Agency
    ...and many other classes available!

MAXIMUM LIMIT OF LIABILITY AVAILABLE: $20,000,000

MINIMUM PREMIUM FOR A $1,000,000 LIMIT STARTS AT $1,000 PLUS APPLICABLE FEES/TAXES

No matter the sophistication of the security system there is little that can be done to eliminate the risk of human error. A common, accidental breach is a real business risk worth considering today.

Article of Interest:
"Insuring Clients Against Privacy Losses"

Website of Interest:
This website keeps track of data breaches, etc.

Need a quote? We'll get it to you fast!
Check out our website or give us a call for an application today!

1 Ponemon Institute, LLC "2009 Annual Study: Global Cost of a Data Breach," a benchmark study sponsored by PGP Corporation, January 2010