These services are ideal for commercial package and business owner policyholders and provide proactive and reactive support in the event of a data breach. This new offering includes guidance in creating a breach response strategy, as well as access to Identity Theft 911's team of data breach experts. This Security Breach Response coverage is offered as an enhancement to Hastings Mutual's commercial package and business owner policies. Policyholders can select the level of coverage their organization needs to protect themselves, their business and their customers.
The cost burden on businesses for data breaches continues to rise. According to the Ponemon Institute's U.S. Cost of a Data Breach report, the average organizational cost of a data breach grew for the fifth consecutive year in 2010, climbing to $7.2 million--a 7 percent increase from 2009. Data breaches cost companies an average of $214 per compromised record in 2010, up 5 percent, from 2009. Although there are many possible causes for a data breach, they most often result from employee negligence or a lost or stolen electronic device. All businesses that handle or store private business, customer, patient or employee data are susceptible.
Hastings Mutual Insurance Company Security Breach Response coverage provides Identity Theft 911 expertise to business owners, which helps minimize the chance of a breach and better safeguard personally identifiable information (PII). A breach preparedness website includes legal requirements by state, a how-to guide for creating a data breach incident response plan, and guidance on steps to take in the event of a breach. In the event of a breach, Identity Theft 911's team of experts can help assess whether a breach has occurred, determine its severity, and consult on next steps to address the situation.
"Hastings Mutual Insurance Company is pleased to provide Security Breach Response coverage on our commercial package and business owner policies," said Bill Wallace, President and CEO of Hastings Mutual. "Identity Theft 911 offers a superior product to protect our policyholders from a breach of security involving their customer's sensitive data. Through this partnership we will offer tools to help prevent malicious activity, while also supporting our commercial policyholders should their data be compromised. This is the type of coverage that sets Hastings Mutual apart from our competition."
"Hastings Mutual Insurance Company is proactive in assisting policyholders as they navigate this new world of targeted cyber attacks and exposed confidential data through data breaches," said Matt Cullina, CEO, Identity Theft 911. "As with any emerging risk, coverage alone is not enough. Policyholders demand services and support to help with risk and crisis management. We're proud Hastings Mutual has selected our company to help them meet that demand."
To learn more about Hastings Mutual Insurance Company, visit www.hastingsmutual.com