This has been a hot button for me as of late. It seems to be the new storm that is evolving in the insurance coverage concern arena. It not only revolves around unauthorized access to “personally identifiable information” on a corporate, private, or governmental level but can also impact individuals.
On the corporate, private, or governmental level, the exposure can be great. The costs associated with a computer breach are cybercrime consulting, attorney fees, mandatory notification, crisis management, regulatory expenses, to name a few. A good tool to help understand these costs are available at the following site www.tech-404.com/calculator.html
While one would think cyber crime would mainly be a “corporate” problem, that is far from the truth. Individuals are just as exposed, not just on an identity theft level. Individuals also need to be concerned about exposure due to inadvertent transmission of viruses, defamation (can you say Facebook gone bad), forum postings, etc…
While this is a very basic explanation, be on the lookout. We are being alerted to new claims examples everyday and the surface has only been scratched.