Los Angeles, California (Findit) February 14, 2020 - The technology insurance brokers at MFE Insurance recently released a blog educating readers and answering the question, what is data breach insurance? This type of coverage helps organizations protect their finances in the event of data loss through hacking or poor internal processes, which can have serious ramifications for employees, customers, and company leadership alike.
Data breach insurance covers the business itself and any third-party, such as an employee or customer, who is harmed in a data breach. Business expenses may include the cost of investigating the breach, replacing damaged hardware and software, paying for fines incurred as a result of the breach, and even recouping lost revenue. Employees and customers who have had sensitive information exposed in the breach may sue, and your insurance will help you pay for legal fees related to lawsuits and other fees involved in providing aid to individuals affected by the breach.
If your company stores private information of any kind, such as credit card or social security information, you should consider data breach insurance. Organizations conducting business in Europe may be affected by unique digital protection laws, making data breach insurance a worthwhile investment. The amount of data you collect, how long you keep it, and the extent to which you use this data may also impact your decision, as might your current data protections and handling procedures. Carefully consider the type of data your company collects and what the ramifications of a breach might be before purchasing a data breach insurance policy.
Speak to the technology insurance brokers at MFE Insurance for more information about data breach insurance or to acquire your own policy. The agency's experienced brokers can help you determine whether data breach insurance is right for you, then connect you with a comprehensive policy that will help you avoid expensive legal fees and other costs in the event of a breach of sensitive information. Call MFE Insurance directly at 213-226-7990 or contact them through the firm's website, https://www.mfeinsurance.com/. MFE Insurance is headquartered at 811 W. 7th Street, Los Angeles, CA 90017 and provides insurance to event and production operators across the country.