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Over 600 tech companies look
to WGA for information and advice on risk management, ranging from the latest venture-backed startups to large publicly-traded, global operations.
HighTechInsurance.com
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William Gallagher Associates
is the nation’s leading provider
of insurance brokerage, risk management, and employee benefits, to companies with complex risks and dynamic
needs.
wwww.WGAins.com |
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Utilizing Insurance to Transfer Data Privacy Risk
To date, more than forty states have enacted data breach privacy laws and more legislation on both the state and federal level is on the way. Massachusetts is one of the most recent states to enact such a law, with 201 C.M.R. 17.00 set to become effective on March 1, 2010. These laws not only impose significant compliance burdens on organizations to protect private information of their customers, employees, patients, or other third parties but also expose organizations that fail to protect such information to financial loss.
Organizations may choose to transfer the risk of financial loss by purchasing a Network Security/Privacy Liability insurance policy. This coverage is available as a stand alone policy or as an endorsement to an existing Professional Liability insurance policy and typically includes:
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Liability protection – coverage for defense costs, settlements, and judgments;
Remediation – costs relating to notification, investigation, public relations, credit monitoring for injured parties and the like; and
Fines / Penalties – certain policies provide sublimits to defend regulatory actions or to cover regulatory fines and penalties.
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William Gallagher Associates has extensive experience in negotiating Network Security/Privacy insurance policies for clients in the Healthcare, Life Science, High Technology, Financial Services, and Retail industries. For more information contact WGA at info@WGAins.com or 888.261.8884.
Other Resources:
Council of Better Business Bureaus Review of Federal and State Privacy Laws
Massachusetts 2009 Report on Data Breach Notifications
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WHAT'S NEW
WGA Named Best Retail Insurance Broker 2009
William Gallagher Associates (WGA) has been recognized as the best in its field by the Business Insurance’s 2009 Readers Choice Awards for the second year in a row.
MORE >
Going Global Webcast
WGA hosted a webcast this week on "Going International" to assist clients with the challenges of expanding overseas, such as compliance requirements in different countries, designing competitive benefits packages and the going rates of remuneration. Contact your WGA Account Executive for access to the presentation.
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