Tag Archives: data breach

How to React to a Payment Card System Data Breach

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This entry is part 28 of 30 in the series Data Security

What are the true costs of a data breach? On the one hand, there are monetary damages: the estimated average cost per breach in the US is $7.9 million. Coupled with potential fines for negligence plus legal fees, and suddenly it’s no surprise that around 60% of small businesses will go out of business within 6 months after a significant breach and around 43% of all cyberattacks target small businesses because of presumed vulnerabilities. On the other hand, there are the less tangible costs of a cyberattack, such as organizational integrity and customer trust. Whether it’s your fault or not, a data breach will compromise the public’s perception of your business, although the extent of it will really depend on the actions you take immediately following the breach.

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How to Report Data Security Incidents

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This entry is part 27 of 30 in the series Data Security

What Is Data Breach?

Data breach is the exposure of sensitive customer information due to hacking, theft or the accidental release of data. Business owners are expected to exercise discretion and due diligence to protect their customers’ data from a breach.

Imagine you just received a call informing you that your business and customer records have been compromised. What do you do?

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Email Security Best Practices: Do’s and Don’ts of Email Use

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This entry is part 29 of 30 in the series Data Security

While email is a great tool both personally and professionally, it also poses one of the greatest threats to your business. Bad actors can use a variety of email scams such as ransomware, phishing, and a variety of other tools to not only disrupt personal computers, but also business technologies while gaining access to personal or business information that would be harmful for the outside world to have.

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Cyber Liability: Privacy Regulatory Defense & Penalties Coverage

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This entry is part 25 of 30 in the series Data Security

The U.S. National Cyber Security Alliance reports that 60% of companies affected by a data breach will go out of business within six months. At a time when technology and the risks associated with it affect every person and business, Society Insurance provides leading-edge Cyber Liability insurance with comprehensive data security and privacy coverage.

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Data Breach and Your Damaged Reputation

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This entry is part 3 of 30 in the series Data Security
It is no secret that criminals are getting smarter at using technology to their advantage.  Unfortunately, that means your business could be the victim of a data breach left to face tremendous financial costs, lost customers and a damaged reputation. When word gets out that data was compromised at your business, it may take time to convince customers that it is safe to come back. (more…)

Cyber Liability Insurance – Security and Privacy Liability Coverage

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This entry is part 4 of 30 in the series Data Security
If your business suffers a data breach, you may see yourself as the victim. But there could be a different perspective for customers or employees whose data has been compromised. They may view you, the business owner, as responsible for not properly safeguarding their confidential information. Would your business be prepared for the related lawsuits? (more…)

Common Data Threats and Vulnerabilities

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This entry is part 5 of 30 in the series Data Security
When it comes to data security, a threat is any potential danger to information or systems. Threats could be an intruder network through a port on the firewall, a process accessing data in a way that violates the security policy, a tornado wiping out a facility, or an employee making an unintentional mistake that could expose confidential information or destroy a file’s integrity.

It’s critical for every business to understand their risk. An important step in data security is to identify potential threats, classify them by category, and evaluate the damage potential to the company. Use this checklist to understand common data threats and assess how they may affect your business: (more…)

PCI DSS Compliance and Cyber Liability Insurance

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This entry is part 6 of 30 in the series Data Security
Did you know that businesses are required to implement a set of security standards to protect credit card data?

Did you also know that banks and credit card companies can impose fines and penalties on your business if you fail to maintain these requirements? (more…)

Cyber Liability Insurance – Privacy Breach Response Coverage (Video)

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This entry is part 7 of 30 in the series Data Security
A privacy breach that exposes sensitive customer information can be high-impact for all businesses. But it can be especially devastating for a small business, causing significant financial strain and irreparable harm to your reputation. So, what are the odds of a breach happening at your business? (more…)

Upgrade Your Internet Security: Risky Cyber Behaviors to Avoid

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This entry is part 8 of 30 in the series Data Security
Every business has an expectation to protect sensitive information, and every employee plays a key role in preventing cybersecurity incidents.

Below are five of the most common data security mistakes leading to data breaches. Employees should halt these practices immediately to reduce the likelihood of a breach.

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