Data breaches on major companies have put the information of millions of Americans at risk over the past few years. If you were one of them, you know how unnerving it can be to cope with the aftermath. In some cases, it can feel like a losing battle – especially when an identity thief has not just your Social Security number, but also your name, address, birth date, and more. If you become part of the next target, what can you do to protect yourself and your own business against cyber-crime?
If cyber thieves get hold of your information, they will probably use it to make fraudulent charges or sell it on the dark web to someone else who will make those charges instead. That part is unfortunately outside your control. What you can control, however, is the ease with which criminals can use that information for malicious purposes.
For example, it would be easier for a criminal to run up big charges and take out multiple loans in your name if you are oblivious to the fraudulent activity when it is happening. If you never check your bank and credit card statements and are unaware of the activity in your credit report, the lasting damages of identity theft could be much more extensive than if you had identified fraud when it was happening.
That is why we typically recommend the following steps:
- Enroll in credit monitoring that alerts you to changes in your credit report
- Check your statements and accounts often
- Report suspicious activity right away
- Place a freeze on your credit if you think your Social Security number has been compromised
- Purchase identity theft insurance
Identity theft insurance is available through your independent agent at The Don Neeley Agency. In fact, it is surprisingly affordable and can be added directly to your homeowners or renters insurance policy. With this type of coverage, you receive protection against the secondary costs of fighting identity theft, such as time off work, travel expenses, and the cost of hiring a lawyer if necessary.
For more information about identity theft insurance or to request a quote, contact The Don Neeley Agency today.
Protect Your Business
Business owners also need protection against cyber-crime, but for different reasons than individuals. If you own a company, you know that a single claim of liability can cost you thousands of dollars and potentially threaten your business’s cash flow. Now imagine being the target of a data breach, much like Yahoo, Equifax, Target, and other companies were over the past few years. How will you afford the cost of recovering from the damage?
Data theft can cost a typical business a lot of money for things like:
- Fines and penalties
- Legal assistance
- Victim notification and liability
- Credit monitoring services
- Virus removal and website reconstruction
- Business interruption
- And more
If your business stores sensitive customer information, you could be the target of the next big data breach. Make sure you are ready for any scenario with cyber-crime insurance from The Don Neeley Agency. We can connect you with coverage from one of the leading commercial insurers here in Arizona.
Be aware that many Arizona insurers have underwriting requirements for businesses they insure against cyber-crime. Things like third-party testing, audits, and staff security training can help make your business less penetrable for criminals and also minimize the risk of a data breach.
To find out more about commercial cyber-crime insurance contact an independent agent at our office today.