In a recent interview in which the Director of National Intelligence stated that cyberterrorism is a huge threat to our security in the United States, he also said that businesses lost an estimated $1 trillion to cyber crimes in 2008. I can only imagine that that number increased in 2009 and 2010 and will continue to increase. I’ll discuss this more in a post later but just wanted to throw that out there in case it surprised anyone else as much as it did me!
Sorry for the absence but things have been crazy around the office and I let blogging get left behind. While I’ve been gone there has been a ton of data breaches and other related events happening so I hope you’ve been able to keep up. While reading an article today I found one that might hit home for some of you. A data storage company suffered a breach and lost HIPAA information for a large number of patients. That information caused the client to spend over $3,000,000 dollars to comply with the breach notification laws.
To read the entire article, click here.
Although some carriers and individuals lump Cyber Liability and Data Privacy coverages together, they are different coverages. I wanted to take a few seconds to discuss the differences in the coverages.