It is an insurance agency’s job to protect consumers’ most valuable items. To do this, they will collect a lot of sensitive information from their clients. Agents use this data to help them build policies that uniquely address each client’s needs.
If the agency compromises clients’ information, they may put the client’s privacy at risk. Cyber liability insurance can help you in case of data losses, but it’s always best to protect this data first and foremost.
Steps to Protect Client’s Private Information
Insurance agencies likely store a lot of clients’ private information on computer networks. Though networks have a lot of convenience, they also pose risks. Viruses, malware and even employee dishonesty could compromise this data. This could lead to data and identity theft. Such instances could compromise both the agency's and clients' safety and privacy.
Therefore, insurance agencies have an obligation to make data security a priority:
- Devote specific time to your computer and IT maintenance. Some insurance agencies hire IT professionals to work on data security. You may be able to hire in-house talent, or contract with remote data protection services. Both of these parties can often provide emergency intervention in the event of a data breach.
- Monitor all parties with access to your sensitive data. These may include clients, employees and other parties. Protect the entryways to your data with passwords or other verification practices. Change and update passwords as necessary.
- Require all employees to learn ethical practices to keep data safe and confidential.
- Use encryption, virus scans, malware filters and spam warnings to track potential threats.
- Consistently update your data protection systems. New cyber and data threats arise at all times. You should always change your systems to reflect new technological developments.
- Always back up your data before performing any data maintenance.
- Secure your hardware. Keep drives, computers and other systems protected. It is often a good idea to place certain pieces of hardware in monitored, secure areas.
- When destroying customer data, use secure destruction methods. Remember, placing a file in the recycle bin does not guarantee its deletion.
Don’t just protect your electronic data. If you make hard copies, enforce protection and confidentiality agreements for this information. Essentially, don't leave sensitive paperwork laying around.
Should a data compromise arise, take steps to isolate and crush the threat. You may need to turn to your cyber liability insurance. This protection can help you make repairs to data systems. It can also help you notify and help potentially-affected clients protect their privacy.
If you need cyber liability insurance, call U.S. E&O Brokers at (800) 460-6424 today. We can help you get a fast, free policy quote.