Identity Fraud, Inc. used the 2012 ETA Annual Meeting & Expo as the venue for the announcement of its latest insurance news, with the unveiling of its SB Core Protector product.
This new product is designed to combine the “top ten” solutions for data theft risk management for small businesses, for preventing, resolving related issues, and providing vital insurance resources. It offers its policyholders five prevention components for security risk in a layered, proactive way. It also offers three forms of insurance against data theft, as well as two services for incident responses.
This product is designed to help small businesses across the country to obtain affordable coverage for their data risks. Though small businesses have not previously had much of a need for this additional security, cyber criminals have started to turn their attention toward companies of a small or medium size.
The Identity Fraud product offers insurance and protection in the case of a data breach, added security for the business, small business identity theft solutions, and payment card compliance. The insurance industry is predicting that this type of protection will become quite commonplace among small and medium sized businesses as it becomes clear that it is a critical financial protection.
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Identity Fraud CEO and president, Tom Widman, expressed that the insurer was happy to announce the new SB Core Protector program’s release at the event. He stated that “The companies attending work with sensitive payment information and touch millions of merchants. Every business has a business identity, sensitive customer data, employees and compliance obligations. With the value of data being high and attracting thieves worldwide, protecting against data risks and identity crimes has become essential.”
Many businesses store sensitive personal data regarding employees or customers within their digital files. By establishing a solid security strategy, these companies are better capable of meeting their legal requirements for keeping that data safe.
The Ponemon Institute’s Dr. Larry Ponemon supported some of the claims about the importance of the protection by explaining that his organization had recently performed a study called Small Business Data Theft Risk Management that made insurance news when it showed that more than 20 percent of small businesses had already experienced some form of data breach.