Here in Littleton Colorado, your small business is at risk for data breach and there are ways that your business can insure against this type of loss. The Hartford Insurance has produced an insurance policy for Data Breach and it is affordable. See below some of the highlights.

The high cost of a data breach

With the significant costs associated with a data breach, it is no wonder that your small and midsize business clients are concerned about the impact that a data breach could have on their business. According to The Ponemon Institute 2013 Global Cost of a Data Breach study, the cost of a data breach went up from $130 to $136 per lost record globally, but averaged $188 for the U.S. The total cost per data breach in the U.S. was $5.4 million, the highest cost of all 9 countries surveyed.

Our appetite includes qualified small and midsize businesses, seeking to procure policy limits of up to $10 million, including these business classes:

• Health Care
• e-Commerce
• Financial Services
• Manufacturing
• Retail
• Media/Advertising

Risks outside of our appetite include social networking sites, municipalities, payment processors, and online gaming and/or gambling.

With data privacy and network security coverage from The Hartford, your clients are getting more than insurance protection. They now have access to resources that can help reduce the likelihood of a data breach through our partnership with IDentity Theft 911 (IDT911), one of North Americas leading data risk management companies.

• Educational information, including data protection tips, breach scenarios, articles and best practices
• Notification laws and regulations, so they are up-to-date on consumer, regulatory and third-party requirements
• Incidence response plan template to help them establish procedures to minimize the impact of a data breach incident

Pre-breach services

• Breach counseling to help determine if a breach has occurred and assess the severity of the incident
• Notification assistance to help prepare notification letters that comply with regulatory requirements
• Crisis management and public relations to help restore a business reputation
• Remediation recommendations for impacted individuals like credit monitoring
• Documentation support to record steps taken and remediation services provided in the event they are sued and need to prove steps were taken to contain the breach

Hartford Financial Products

Data privacy liability

Helps protect against claims alleging that the insured negligence resulted in the:

• Breach or violation of a data privacy law whether or not it is due to the unauthorized access or unauthorized use of computer system – whether the computer system is owned or leased and operated by the insured
• Improper dissemination of nonpublic personal information

Network security liability

Helps protect against claims alleging that the insured negligence resulted in the:

• Failure to prevent unauthorized access or unauthorized use of a third-party computer system
• Inability of an authorized third party to gain access to the insured services
• Transmission of malicious code
• Failure to prevent identity theft
• Failure to prevent a denial of service to an authorized third party

e-Media liability

Helps protect against claims alleging that the insured negligence resulted in the:

• Wrongful publication, defamation, slander or libel, or other tort related to harm to the reputation or character on an insured website or advertising
• Infringement of copyright, service mark, trademark or misappropriation of ideas
• Misappropriation or misdirection of Internet-based messages or media of third parties on the Internet by the insured

Notification expense and credit monitoring expense

Covers reasonable and necessary expenses incurred to comply with statutory mandates to notify individuals of a loss or theft of nonpublic personal information, but may also include courtesy notifications when not mandated by notification laws.

• Definition of data privacy laws now includes U.S. and Canadian laws
• Covers costs to provide credit monitoring to those affected by loss of nonpublic personal information

Crisis management expense

Covers expenses incurred for services provided by a public relations firm, law firm or a crisis management firm in order to mitigate potential harm to an insured reputation in the event of a data privacy wrongful act

Data privacy regulatory expense

Coverage for fines and penalties, including certain fines and penalties assessed in connection with a data privacy regulatory proceeding

Cyber investigation expense

Covers expenses incurred for services provided by a third-party vendor to investigate and determine the source or cause of a data privacy wrongful act or network security wrongful act

Prevail with The Hartford

For more than 200 years, The Hartford has focused on the needs of our business customers, giving them the solutions and confidence to prepare, protect and prevail. The Hartford is widely recognized for operational excellence, superior customer service and a history of keeping promises to our customers. Depend on us to help your business guard its data – and reputation.