Capital Professional Insurance Managers, Inc. (CPIM) offers a number of quality cyber risk/privacy insurance coverages in response to the increasing frequency and severity of data breaches, identity theft, “hacktivist” attacks, and other cyber/privacy events. Because there is no common coverage, CPIM solicits quotations from as many as eight different quality insurers to obtain the best coverage for your company.
Title agencies and their escrow accounts are especially vulnerable to hacking. Forty-six states and Washington, DC have enacted privacy laws which require notification of potential and actual breaches of personally identifiable information (PII). There are also a significant number of federal laws/regulations including The Financial Modernization Act of 1997 (more commonly known as the Gramm-Leach Bliley Act or GLB) which include provisions for the protection of personal financial information (PFI). The Financial Privacy Rule and the Safeguard Rule specifically govern the collection and disclosure of PFI and apply to any company. Notification costs can mount quickly, even for a small business. The Ponemon Institute’s 2011 annual study estimates the average cost of a data breach is $194 per customer record compromised!
Cyber risk/privacy exposures and costs are growing rapidly. Be sure your business is protected!
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