(NEENAH, Wis.) - In response to the rising threat of data security breaches, Jewelers Mutual Insurance Company has created data breach and cyber related protection to better serve the changing needs of jewelers. As more and more information is stored electronically, the potential for data breaches, identity theft, cyber fraud and other threats is growing, and the resulting costs and damage to a jeweler’s reputation can have lasting effects on jewelry businesses.
“At Jewelers Mutual, we are always listening to the needs of agents and jewelers as we build coverage that fits their growing and changing businesses,” said Darwin Copeman, outgoing president and CEO of Jewelers Mutual. “Forty seven states have laws in place requiring businesses to notify individuals of breaches involving personal information, and that puts jewelers in a tough spot to navigate the requirements and the associated costs. It’s not as simple as saying, ‘I’m sorry,’ but Jewelers Mutual can help your business recover.”
Response coverage from Jewelers Mutual helps jewelers meet state and federal requirements for notification and includes legal counsel, forensic IT reviews, credit monitoring and identity restoration services.
What constitutes compromised data? A data breach occurs any time a business is responsible for the loss, theft, accidental release or accidental publication of personally identifying information.
Small businesses may actually be more susceptible to data breaches than large corporations because they don’t have a team dedicated to information security or the resources to handle a reported breach. In fact, 55 percent of small companies have experienced at least one data breach according to The Ponemon Institute, which conducts independent research on privacy, data protection and information security policy.
Elevating the risks, many jewelry businesses are selling their products online, to consumers and to other jewelers. Jewelers Mutual also provides e-commerce coverage to protect jewelers from the loss of business income and expenses incurred when they have a covered suspension or slow down in e-commerce activity. It also covers the restoration or replacement of electronic data that is destroyed or corrupted.
Still, one of the greatest myths about data and cyber security is that jewelers aren’t at risk if they don’t handle retail transactions online. According to Copeman: “There are a lot of ways criminals can steal data from any business. If you have your employee information stored on a laptop, what happens if it’s stolen? This coverage is designed to protect your business from a wide variety of data and cyber threats, whether it’s a stolen laptop, an untrustworthy employee who makes a copy of sensitive information, electronic hacking or even cyber fraud.”