Notice of Data Breach
You may have heard reports recently about a security issue involving LinkedIn. We would like to make sure you have the facts about what happened, what information was involved, and the steps we are taking to help protect you.
On May 17, 2016, we became aware that data stolen from LinkedIn in 2012 was being made available online. This was not a new security breach or hack. We took immediate steps to invalidate the passwords of all LinkedIn accounts that we believed might be at risk. These were accounts created prior to the 2012 breach that had not reset their passwords since that breach.
So many of us use this online networking tool! When the “World’s Largest Professional Network” is infiltrated by cyber thieves it is another good time to check your business insurance coverage.
If you are a business owner or a controller at a business, review these three questions with your insurance provider.
- Is my business covered for the expenses of a data breach if my business has a breach?
The breach cost of each stolen record is estimated at $150 per record!
- Does my business store or transmit credit card information?
Cyber thieves are utilizingcomputers to hijack electronic credit card transmissions.
- Does my business have protection for Computer Fraud and Funds Transfer Fraud?
Bangladesh Central Bank found $100 million missing after a weekend.
As with any business you select your insurance coverage and you decide if you want the coverage. We know that not all businesses need Cyber Liability and Data Breach coverage. We at Herlihy Insurance Group just like to make sure our businesses know what they selected and they had the option to add a coverage that was relevant.