Cyber Security is Becoming More and More Important in Today’s World
October is Cyber Security Awareness Month, and while identity threat is becoming more and more serious, many people still don’t know where their data is or they don’t know if they’re protected. As the holiday season approaches, data theft scams are likely to increase, so it’s more important than ever to protect yourself and your data.
According to the Federal Trade Commission, identity fraud is on the rise and affected more than 13 million consumers in 2013. Consumer fraud losses amounted to more than $18 billion, which averages out to $2,294 cases, and the average case took over 11 hours to resolve.
So what does this mean for you?
On the consumer side, it’s important to review all your bank statements and credit cards to review that all transactions are legitimate. On the business side, you need to make sure your data is protected.
How do you ensure that you’re protected?
Consumers must check their homeowners and renters policies to see if they cover theft of credit cards or money (though this is usually limited), or if they include identity theft insurance, which reimburses crime victims for the cost associated with restoring their identity and repairing their credit reports. It tends to cover costs including phone bills, lost wages, fees when applying for loans, and notary mailing costs.
Employers need to ensure that all data is protected, both their own data and the data of their employees and customers. With all the recent attacks on companies to achieve customer data, you need cyber liability insurance to ensure that you are protected in the event of a problem and you need to take measures to prevent any attacks.
To learn more about cyber security and to find out how you can benefit from cyber liability insurance, click here.