Database / Privacy

Database coverage protects businesses against the after-effects of a database breach. This coverage can include legal liability damages, defense costs, regulatory action expense, notification costs, crisis expenses and identity theft recovery services for victims.

45 states now have legislation requiring notification in the case of a database breach, making database insurance an essential part of any business that sells or uses technology.

The costs of a database breach can be staggering and can easily topple a successful business. The Ponemon Institute reports that the average cost of a data breach is $202 per record breached. That means every record you keep for an employee, customer or vendor will cost $202. With the average business holding approximately 10,000 records, a single breach can cost over $2 million.

IT Risk Managers can help you with your database insurance needs. We can also help you with risk assessment. Contact us today to get started.