Computer keyboardWe live in a technology savvy world. I bet a majority of your friends, your family, and your neighbors all have a Facebook, if not an Instagram, and a Twitter account too. It’s just a normal part of our world today. It’s also usual to purchase and store things online or through an app. After all, it’s as easy as dig around in your purse for your credit card, try and enter the right credit card number five times, wait for the app to process, find out it crashed, and start all over.  I have been known to go through that process just so I can save that 2 seconds it takes to reach for my wallet at Starbucks, not to mention, it’s much more hip to swipe your phone. It is not just our personal lives that the online world has taken over. Businesses are thriving thanks to online transactions and iCloud servers, but with a brave new world comes scary new risks that could mean the difference between your business flying or falling.

If you’ve been watching the news recently you would have seen that JP Morgan was the most recent company to suffer a major hack. Home Depot and Target have also been victims of this. While we see these giant corporations being breached, what they don’t say is that 74% of companies that are realistically being hacked are not these massive companies, but small business America. I don’t know about you, but that scares me! If Target cannot protect itself with its endless resources, what do the moms and pops do to protect themselves against one of the fastest growing crimes in America? That’s actually an easy answer. With this growing trend, there is a coverage that many companies are beginning to sell called Data Breach Coverage or Cyber Liability coverage. It can be as easy as adding it onto your already existing General Liability policy. This is not just for the online world, it even applies if you store ANY employee or customer’s personal information. Both coverages would provide professional assistance if a breach were to occur to help you comply with laws a regulations to help you avoid civil litigation and other penalties. It would also provide coverage to help absorb some of the cost associated with a breach including notifying your clientele, public relations, and those legal and liability expenses.

This new virtual world can be scary at times, but it doesn’t have to when you know how to protect against it. If you have questions regarding your policy, ask your agent at ECI.

Avery Johnson
Contact Avery Moore
Commercial Lines Customer Service Rep
Call: (405) 373-2977

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