Standing in line at a local store last week, I made small talk with the cashier as she scanned and bagged my purchases. And then, I did it. Again. I did what many of us do. I pulled out my magical plastic card, swiped it into the machine, and dutifully entered those four secret numbers that put food on my table and clothes on my back. That card and those numbers are sacred to me. But where else is that information going? And who else could have access to it?
“Data breaches”, as they are commonly called, are becoming just that – all too common. I could run down the list of national retailers and local merchants who have made their way into the news as a result of one of these “breaches”, but they are well known.
What’s more important is to think about the risk your own business faces. Breaches are not just the product of a professional hacker in a faraway place. They are not limited to financial data, and they certainly are not limited to nationally recognized companies. If you store client data of any kind, whether electronically or in paper files, your business is at risk. And what’s more, your Commercial General Liability policy most likely excludes coverage.
Consider the following exposures as outlined by PC360 and ask yourself if your company should consider a Cyber Liability Policy (Hint: the answer is YES!):