What do Target, eBay, Yahoo, and Chipotle have in common? They’ve all been targeted by hackers. When news broke in 2017 about the Equifax data breach, it made headlines. If criminals could hack into a major credit bureau and access millions of private consumer records, Social Security numbers, and credit card numbers, which company would be next?
At this point, it seems that no business or organization is immune to data breaches, and there is no way to stop criminals from accessing your information. It is also safe to assume that your information has been exposed at least once, given how many high-profile data breaches have occurred in recent years. However, that does not mean you have no recourse.
Terp Family Insurance is committed to keeping you as safe as possible when it comes to identity theft and corporate data breaches. While you may not be able to stop identity theft completely, you can take steps to minimize its financial effects.
Enroll in Credit Monitoring
Credit monitoring services can help you discover credit fraud and identity theft as soon as possible – not months later when you begin receiving collection calls or discover your credit score has plummeted. When you enroll in third-party credit monitoring, you receive notifications when new activity appears on your credit report. It can clue you into red flags, such as a change of address or a new job. Credit monitoring can also alert you to new applications for credit or the opening of new accounts in your name.
If you notice changes in your credit report that you did not authorize, consider placing a freeze on your credit to prevent additional accounts from being opened without your permission.
Get Identity Theft Insurance
If you do not already have identity theft insurance, now is the time to update your coverage. Identity theft insurance helps pay for the costs associated with cleaning up your credit and fighting back against fraudulent activity. You can file a claim to get help paying for legal assistance, time off work, and even travel expenses when necessary.
Contact the team here at Terp Family Insurance to request a free identity theft insurance quote. While stand-alone policies are available, getting the coverage you need could be a simple as adding a flat-rate endorsement to your existing homeowners, renters, or condo insurance policy.
Be Vigilant; Check Your Statements
Credit monitoring services are no substitute for your own personal oversight when it comes to your accounts. Go online to check the activity on your credit card and bank accounts at least once per week, and notify your financial institution right away of any fraudulent activity.
Protect Your Business
Besides your personal identity, you also need to protect your business against cyber-crime. Often, small businesses go without adequate coverage, putting them at risk of major liabilities, penalties, and loss of income in the event of a data breach. Depending on your company’s industry and the types of information you obtain and store, you may need commercial coverage that protects you against a security breach.
Insurance generally covers things like:
- Business interruption
- Fines and penalties
- Virus removal
- Victim notification and credit monitoring
- Legal assistance
- And more
If you have not already implemented stringent cyber-security practices at your business, insurance underwriters may require that you do so once you get coverage. Third-party testing, audits, software updates, and employee security training are just a few examples of the ways you can help minimize losses and reduce the risk of filing a claim.
To find out more about commercial cyber-crime insurance, contact our office to request your quote today.