flash drive sitting on a log

March 18, 2014

Privacy breach event expense insurance

1 min read


What would you do if you emailed your client’s personal information to the wrong person, and weren’t able to recover the email? What if you dropped your USB flash drive that contained all of your customers’ credit card information on the way to your car and weren’t able to find it?

What if your computer system was attacked by a virus, leaving it open to a security violation? Let’s face it, no business is safe from these, or any number of other damaging risks which can affect your business on a daily basis. In today’s electronic age, a privacy breach can happen at any time, either because of human error or malicious activity, and can have devastating results. Would your business be protected if a privacy breach happened?

A privacy breach occurs when there is a release or unintended publication of personal information, whether it is by accident, because of a loss, or as a result of theft. The list of what constitutes personal information is a long one, and includes, but is certainly not limited to items such as:

  • banking information  (account numbers, credit card numbers)
  • driver’s license numbers
  • personal identification numbers
  • social insurance numbers
  • patient history (medications, diagnosis)

Any business that collects and stores any credit card information, medical records or social insurance numbers are at risk. Businesses that are particularly susceptible to a privacy breach include healthcare practitioners, lawyers, accountants, insurance brokers, and those in the financial services industry. Whether your business is located in a large city like Toronto or Ottawa, or a small town such as Port Perry or Stittsville, you can protect yourself with the right insurance in the event of a privacy breach.

Don’t wait until it is too late to explore the advantages of having a privacy breach insurance policy for your business. Privacy breach insurance policies not only help clients once a breach has taken place but they also provide businesses with resources on how to protect themselves from a privacy breach in the first place. With the right tools in place, businesses will be able to decrease their risk of a privacy breach, and reduce the damage caused if one does occur.

Businesses, especially small to mid-sized ones, are incredibly vulnerable to privacy breaches. A privacy breach insurance policy is a low cost solution for protection from privacy breach risks. Ask yourself if you can afford to possibly lose your clients after a privacy breach because they no longer trust your business. Mitch Insurance Brokers can help you get the peace of mind that comes with a privacy breach insurance policy. Please call 1-800-731-2228 or email us at info@nullmitchinsurance.com.

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