VIEWS: 4 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 5/22/2010
Two-hundred-sixteen million. That's the approximate number of "records" that have been compromised between January 2005 and November 2007 due to data breaches. A data breach includes data elements -- Social Security numbers, account numbers, and driver's license numbers -- that are useful to identity thieves. With numbers like that, chances are pretty good that your customers will be affected, if they haven't been already. A reinsurance arrangement by Hartford Steam Boiler (HSB) provides coverage to assist commercial clients facing a data compromise situation and/or personal clients in need of identity recovery services. HSB's Identity Recovery coverage combines identity theft insurance that helps victims with expenses. HSB's Data Compromise coverage is strictly a commercial lines program available through just a handful of carriers as it hasn't been in the marketplace as long as the Identity Recovery product has. It's an endorsement that can be added on an automatic or optional basis to BOPs or medium-sized packages.
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