Businesses are no more immune to disaster than individuals are. That’s why organizations opt for insurance such as property, workers compensation and business disruption coverage. But, one of the most damaging events a business can experience is the loss or theft of sensitive information. This may be proprietary information about the organization itself, or personal details about its customers. Either way, a data breach can cause millions of dollars in damages.
It’s no wonder then, that businesses are talking more about data breach insurance. This coverage is designed to provide businesses with compensation for legal costs and other expenses incurred in the aftermath of a data breach, such as identifying the source of the leak and notifying those whose information may have been compromised.