With the Equifax data breach still fresh on our minds, it’s only a matter of time before criminals attempt the next big cyber hit. What will it be? A big retailer? A healthcare system? Perhaps a government organization? Make sure you are prepared by protecting yourself and your finances against any damages that may ensue.
In this post, we’ll help you better understand the steps you can take to prevent (and correct) the effects of identity theft, & data breaches when criminals gain access to your Social Security number, credit cards, and other private information.
Protect Yourself
Imagine finding out that someone not only has your personal information, but they are also selling your information to multiple criminals on the dark web. You find yourself in a constant cycle of scanning your credit report, disputing account balances, and defending your good name. You are forced to take time off work to rectify the situation and perhaps even hire a lawyer to provide legal advice and assistance.
Here at Pentagon Insurance, we help Elk River area customers just like you protect yourself against fraud with identity theft insurance. This coverage does not pay for financial liabilities fraudulently created in your name, but rather for your out-of-pocket costs associated with restoring your credit and removing invalid information from your credit report. This could include the cost of making phone calls, traveling, working with a lawyer, and more.
We can help you shop and compare rates on stand-alone identity theft insurance policies, or we can help you add this important coverage to your existing property insurance via homeowners, condo owners, or renters insurance policy.
Prevent Losses
In addition to purchasing identity theft insurance, there are also additional steps you can take to put a halt to criminal activity as soon as possible. Examples include:
- Checking your bank and credit card statements for suspicious charges
- Enrolling in a credit monitoring program
- Regularly checking your credit report for signs of fraud
- Reporting unusual financial activity you do not recognize
- ‘Freezing’ your credit if you feel your information has been compromised
Protect your Business
If you own a business, you probably run a tight ship. However, even the most cautious and responsible companies are at risk of data breach. Having the right insurance can help the continuity of your company in the event you are liable for the exposure of customer, client, or patient information.
Here at Pentagon Insurance Agency, we offer coverage that helps cover the exorbitant costs associated with commercial cybercrime, such as legal fees, punitive damages, virus removal, and the cost of notifying and protecting victims. It can also help cover your ongoing expenses if you are forced to interrupt your usual business activities after a cyber attack.
If you do not have cybercrime coverage for your business, there is no better time than now to get started. Keep in mind that insurance underwriters understand the increasing risks of data breaches and will typically require companies to implement certain prevention strategies to avoid potential losses.
Examples include submitting to a third-party audit, regularly updating your business software, and providing training for your employees.
For more information about how you can protect yourself and your business against cyber crime, contact our office today.
Thom Grubbs is an insurance agent and partner at Pentagon Insurance Agency in Elk River, MN. Outside of work, Thom likes to bowl, fish, spend time with his family, and volunteer at his church. Get in touch with Thom and let him make life a little easier by talking over your situation.
