Living in the digital age comes with many perks, and businesses are not exempt from being able to experience certain luxuries. Computers make creating databases much easier and can keep customer information organized and put-together. However, it is also crucial for business owners to ensure that they are thoroughly protected against unforeseen dangers that can come with evolving technology.
Working with commercial insurance specialists that specialize in technology insurance will guarantee that a company is covered should security be compromised. Even if consumers' information is not used by criminals, as soon as the information has left a business' control, a breach occurred.
In early October, Nationwide Mutual Insurance, and its subsidiary Allied Insurance, suffered a security breach when hackers broke through their computer system. An estimated 1.1 million individuals were affected, including non-customers who had sought insurance quotations.
Midwestern states were highly affected, with Missouri state officials saying that over 92,000 residents had their data compromised while the Minneapolis Star Tribune reported that 98,191 Minnesotans had information exposed.
According to a Nationwide Statement, individual's names, Social Security numbers, dates of birth, gender and occupation have possibly been compromised. However, there is no evidence that credit card or medical information was uncovered.
"Although we are not aware of any misuse of consumers' information at this time, we have sent letters to notify those individuals whose personal information we believe was compromised, as well as certain additional individuals whose information was or may have been involved, but whom we do not believe had information compromised in the attack," the statement read.
It's important for companies across multiple industries to have comprehensive insurance coverage that accounts for a number of events. Recovering from data breaches can be expensive, especially if the data is used in a criminal fashion. Commercial insurance specialists can help find policies specific for each organization.