Equifax Breach - The Importance of Cyber Security Insurance

Posted by Scott Helfrich on 21 September, 2017

On September 13th Equifax, one of the largest consumer credit reporting agencies, announced that hackers had gained access to sensitive information of over 143 million American consumers. This included Social Security numbers and driver's license numbers. Equifax provides services for over 91 million businesses worldwide, including customer data security, financial data storage, and general consulting on running a business.


Overall, in addition to the social security numbers and driver’s license numbers, hackers also gained access to names, birthdates, and addresses. Credit card numbers for 209,000 consumers were stolen, as well as documents with personal information for 182,000 people.


While the past two Yahoo breaches in 2016 affected more people and businesses in sheer size, the Equifax breach is the most severe. Hackers were able to gain access to more personal details, which are key for unlocking consumers’ medical histories, bank accounts, and personal accounts. Large agencies that provide services to small businesses and consumers are tempting targets for hackers, due to the wide range of information stored.


Cyber Attacks Are Growing


According to Gemalto, a leading digital security provider, in the first six months of 2017 there were 918 breaches, which compromised over 1.9 billion data records. 918 cyber breaches in the first six months represents a 164% increase in the same time span from 2016.


Cyber Security Insurance


The greatest form of protection from cyber attacks is Cyber Security Insurance. From strategies for protecting your business to understanding the increasingly common breaches, Cyber Security Insurance provides businesses protection in the case of an attack.


Cyber Insurance covers your business in the case of a data breach involving sensitive customer information. This can include Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records. Many people assume General Liability Insurance protects their business in the case of a cyber attack, but cyber protection is often excluded from a General Liability policy.


What Cyber Security Insurance Covers


Outside of  legal fees and expenses, cyber insurance typically helps with:

  • Notifying customers about a data breach
  • Restoring personal identities of affected customers
  • Recovering compromised data
  • Repairing damaged computer systems

 

Cyber Security Insurance From AP Intego


AP Intego offers Cyber Security Insurance to small businesses that are looking to be protected. As data breaches become more common, Cyber Security Insurance is a must for any business that values their customer’s data. If you are interested in learning more about Cyber Security Insurance, you can contact one of our Cyber Security Insurance experts at (585) 214 - 8565.

Topics: Coverage 101, Small Business Advice

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