Protect Your Data Or Risk Financial Devastation

Another Day, Another Data Breach...

An article posted last month by businessinsider.com, reported at least 14 retailers were hacked and likely had information stolen from them since January 2017.  Many of the data breaches were caused by flaws in payment systems taken advantage of by hackers. The list includes Sears, Kmart, Whole Foods, Sonic, Delta, Best Buy, Panera Bread and more.  The article said, “Data breaches are on the rise in both retailers and other businesses...Data breaches are a real danger for both brands and customers, and can affect customer's trust in brands.”

Last month I received a Notice of Data Breach from Usinger’s.  (They are famous for sausage). Now I can include them in the list of notices I have received from other companies informing me of a data breach.  Watching the news it seems like there is another report of a data breach at least once a week.

You’re Risking Financial Devastation
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As an independent insurance agency, you’re collecting a lot of personal and sensitive information from your prospects and clients.  It’s critical that you protect your data and your clients’ trust or risk financial devastation if you allow hackers to steal the information as a result of a data breach.  With the growing use of wireless connections, hackers can manipulate your network and gain access to your data in various ways.

Consider These Security Threats:  

• Hackers - these can be an individual, a small group or a large syndicate who take your data and put it up for sale or force you to pay a ransom or risk losing all of your data.
• Mobile Devices - laptops, tablets, phones, etc. that your employees use to access your insurance agency’s data on an unsecure network.  
• Employees - these are former employees who have quit or been fired and still have access to your data even after they are long gone from your agency.  
• Third-Party Service Providers - as an independent insurance agent you work with numerous third-party service providers who transmit sensitive client data over the internet.  

Consider These Security Steps:

• Secure your network - you should have some kind of firewall and antivirus software.  Update your antivirus software regularly.
• Wi-Fi - use a hidden and encrypted Wi-Fi network.
• Mobile devices - Ensure all mobile devices used for your agency’s business have antivirus software, a virtual private network (VPN) and encryption.
• Train your employees - Ponemon Institute (an independent research company that conducts research on privacy, data protection and information security policy)  reports that over half of data breaches at small and medium-sized companies are caused by negligent employees or contractors. Teach employees to use very strong passwords, update passwords regularly and how to spot a phishing scam.
• Two-Factor Authentication - Require your employees enable two-factor authentication, which uses a password and a second piece of information, such as a code sent by text or email, on work email accounts, and only access them via secure networks or VPN-equipped devices.
• Store your data in the cloud - storing your data in the cloud with a third-party provider secures against hackers and also protects you from risks like fire, flooding and burglary.

In order to keep your valued clients' sensitive data safe, it’s essential to implement a security program at your independent insurance agency.  Leaving any of these security measures unchecked puts your agency’s financial security at risk.