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Over the past couple of years we've written about Cyber Liability or Data Breach in nearly every newsletter we've published. It's a growing trend and a topic that most business owners want to at least discuss. This past holiday season this topic hit home for all Minnesotans and business owners, when Target corporation made national headlines for their data breach which affect nearly 70 million Target shoppers. Whether you were angry at their lack of controls or simply enjoyed the 10% savings, I think we can all agree that this has been a nightmare for Target.

A data breach is the loss, theft, or accidental publication of personally identifiable information including social security numbers, bank account numbers, drivers license numbers and patient history/ medical information. This can occur through unauthorized system access, stolen or lost documents, stolen or lost lap top or computer disk, stolen credit card information, employee oversight, and much more... After reviewing how an attack may occur, it is clear that any business that handles or stores any business, customer, patient, or employee data, is at risk.

So what are the consequences of data breach? Business owners who experience a cyber attach will be responsible to notify all those affected by the breach as well as follow several steps required by law to ensure third party recovery. That means most businesses will incur expenses relating to legal and forensic services, crisis management / public relations, good faith advertising, third party credit monitoring, help/support lines, and more.

Almost every business out there has a real Cyber Liability exposure and needs some coverage to protect their business. By beefing up our security measures we can limit that exposure, but no one, not even one of the nation's largest retailers, can totally eliminate this growing target for criminals. A Cyber Liability policy can range in price from $50 to $5,000 or more, depending on limits, coverage and deductibles chosen. If you'd like more information or would like to pursue a quote, contact us today!

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