Most companies keep sensitive personal information in their files—names, Social Security numbers, credit card, or other account data—that identifies customers or employees.
This information often is necessary to fill orders, meet payroll, or perform other necessary business functions.
However, if sensitive data falls into the wrong hands, it can lead to fraud, identity theft, or similar harms. Given the cost of a security breach—losing your customers’ trust and perhaps even defending yourself against a lawsuit—safeguarding personal information is just plain good business.
A sound data security plan is built on 5 key principles:
Take stock. Know what personal information you have in your files and on your computers.
Scale down. Keep only what you need for your business.
Lock it. Protect the information that you keep.
Pitch it. Properly dispose of what you no longer need.
Plan ahead. Create a plan to respond to security incidents.
A Cyber Risk Policy can help protect your assets in the event of a data breach. At an estimated cost of $200 per record, 1,000 breached records can add up to $200,000 fast. Morrow Insurance represents several companies that offer policies covering: