Page 9 - 3rdQTBusinessNL

3. Noti cation costs and credit monitoring
Costs associated with informing customers of a data breach are o en overlooked. In fact, 47
states now have breach no ca on requirements that force companies
to inform a ected individuals of a
data breach in a mely manner. It is currently standard prac ce to o er
free credit-monitoring services for
at least 12 months following the incident.
Businesses will likely need to set up a phone line or even a
new website to provide a ected individuals with answers to frequently asked ques ons. All of these damage control strategies
require capital up front, and proper insurance bene ts could make or break the success of the company’s response.
4. Business interruption coverage
Network security failure o en leads to unforeseen business disrup ons.
T
hese interrup ons some mes come in the form of distributed