When it comes to data breaches and cybersecurity, no one is safe. Hackers have taken down some of the biggest companies in the world, including Yahoo, which was subject to a 2016 cyber-attack that exposed the private information of users behind more than one billion accounts worldwide. It’s difficult to hide from cybercriminals, but there are steps you can take to minimize your risk of loss due to a data breach. In this post, you’ll learn more about the types of information that could be at risk and how you can better protect your identity.
Criminals want access to your private identifying information and will go to great lengths to acquire it. Your Social Security number, credit card numbers, and other private information are all valuable – especially when sold to other criminals on the dark web. There is no way to know which big company will be the next to fall to cybercrime, nor if you will be a victim of it. What you can do is make sure you have the resources to fight it.
Identity theft insurance is coverage that is designed to pay for your costs in restoring your credit and your good name after your identity has been stolen. It does not pay for new liabilities acquired in your name, but it can help you cover the cost of hiring legal help or taking time off work while you make phone calls and address the discrepancies in your accounts.
Here at Patriot Insurance, we can help you find identity theft insurance that will provide peace of mind in the event you are victimized by cybercrime. You can either purchase your coverage as a stand-alone policy, or you may be able to add this important protection to your homeowners, condo-owners, or renters insurance policy instead.
Loss prevention is an important part of protecting yourself against identity theft. We recommend adopting the following practices as a way of preventing or minimizing financial losses:
- Enroll in a program that provides ongoing credit monitoring
- Keep tabs on your accounts by reviewing your statements for suspicious activity
- Check your credit reports for newly opened accounts
If you discover fraudulent activity in your name, report it to the appropriate authorities right away. For example, if you have fraudulent charges on your credit card, your credit card company can close the account, issue you a new card and number, and potentially reverse the illegal charges against your account. If you find an account on your credit report that you did not authorize, close it immediately, and contact the credit bureau to dispute the charges. You can also place a ‘freeze’ on your credit to help prevent the opening of additional accounts in your name.
Protect your Business
If you own a business, you face an entirely different risk when it comes to cybersecurity. If you are on the receiving end of a data breach, your company could be riddled with liability – especially if the private information of your employees or customers is compromised. At Patriot Insurance, we can connect your business with insurance that protects your company against the astronomical legal and punitive costs of identity theft, as well as the cost of cleaning up your software, notifying victims, and paying for ongoing credit monitoring.
For more information about cybercrime protection for your business, contact our office today. We can walk you through the coverage selection, and application process, as well as help explain underwriting requirements. Often, insurers implement strict loss prevention requirements before issuing coverage. These may include, but are not limited to:
- Third-party audits
- Frequent software updates
- Professional cybersecurity training
- And more
Call us today to request your identity theft or commercial cybersecurity insurance quote. We look forward to serving you soon.