Myeveningout.com

We are a consulting company that will help you solve issues with your business from graphic design to sourcing products like mats, grease traps, heavy weight deck brushes and much more...

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Privacy and Insurance for small to mid-size businesses in the age of Big Data. Your staff members interact daily with the public, processing credit cards and debit cards. In a recent claim, card skimmers were used to steal account numbers and pin codes from 550 customers. They created false cards and drained the customer accounts. The notification costs to those affected were $19,250.00 (HSB BI&I). The costs to the business due to their damaged reputation may have been higher. There are now more things to consider in our quickly changing world other than the basics. You probably already have coverage for: • Building Contents, Equipment & Stock • Crime (employee theft, or loss on premises due to robbery, etc.) • Equipment Breakdown and Consequential Loss (Stock Spoilage) • Business Interruption (money for continuing costs you may have if your business is shut down and you have no income) • Liability coverage (including but not limited to Commercial General Liability, Tenant’s Legal Liability and Non-Owned Automobile Liability) It sounds like you are covered, right? But what about privacy breach, data compromise and identity theft? These issues are not just for Government and IT companies anymore. What can you do to protect yourself? Be pro-active. Institute protocols for behaviour of your staff, particularly regarding social media. For situations you can’t otherwise prevent, insure against it. There are several companies that offer coverage for notification costs as well as provide services to assist affected persons in regaining their identity and clearing up credit reports, etc. The pricing is very low, given the expense you may have to go to otherwise. The cost of notification and services associated with ‘making things right’ for your customers can be staggering; one breach could cost more than your entire policy, including all the ‘basics’ mentioned above. Don’t wait until something happens before you address your exposure. If you are a business in Ontario and would like a quote, we at Worden would be happy to help. Dawna Rae Hicks, R.I.B. (Ont.) Worden Insurance and Financial Services Ltd.

| 905-579-1317 | http://www.worden-insurance.com