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Small Businesses And The Cost Of Data Breach

When sensitive data in your Company’s care is compromised by a data breach, there are major costs that flow to your bottom line. To find out the approximate cost to your business if you incur a breach, simply answer the questions in this data breach calculator. You can’t afford not to take the time to do this and to visually see the major financial impact a data breach can have on your company.

The greatest direct cost comes from your duty to notify those whose personal information has been compromised. State regulations mandate this notification process. Costs can amount to $200K and can also include creating contact data bases, retaining outside experts and postal expenditures.

In general, small businesses have less internal resources and expertise to handle a breach response. As a result, they are more likely to have to pay outside experts such as attorneys, consultants, crisis management and public relations firms.

Have your attention yet? Well, you also need to consider the indirect and arguably the most damaging aspects of a data breach – customer erosion. Customer turnover and the expense to retain existing clients will be extensive and require the need for increased marketing efforts to avoid reputational loss and diminished good will.

Hilb Group (formerly New Agency Partners) has been pro-active in recognizing the magnitude of financial damage that can be inflicted on a business as a result of a data breach. Allow us to be your Data Breach Solutions Advisor and contact us today or complete and e-mail the attached one-page Premium Indication Worksheet. We will have results for you within 48 hours!

All insurance policies are different. Be sure to review your insurance policy for specific information about coverages available to you. Nothing in this post is meant to suggest a guarantee of coverage.