Max Stern

William Berman

In the dynamic global economic environment, where data is a resalable, desired commodity, protecting data is increasingly important business priority. Business leaders no longer considered data security an IT function; data protection is a topic discussed in the boardroom and more companies are charging chief privacy officers with the responsibility to protect the company's and customer's data. The consequences of not doing so may result in certain data security-related issues being inadvertently overlooked or not considered. To avoid the potential crippling costs of a data breach, companies have begun to do a better job identifying potential data breach risks and implementing internal and external mechanisms to protect such confidential data. Many focus their prophylactic efforts on ensuring that their company's technology policies are up-to-date and the encryption of confidential data. On the advice of their counsel, some business leaders have taken the additional step of expanding their insurance portfolios to include stand-alone insurance policies that cover network security and privacy breaches.

To avoid the potential crippling costs of a data breach, companies have begun to do a better job identifying potential data breach risks and implementing internal and external mechanisms to protect such confidential data.  Many focus their prophylactic efforts on ensuring that their company's technology policies are up-to-date and the encryption of confidential data.  On the advice of their counsel, some business leaders have taken the additional step of expanding their insurance portfolios to include stand-alone insurance policies that cover network security and privacy breaches. 

To read the full text of part I of the article, please visit advisen.com. The full text for part II of the article can be read here.