The Harford insurance company is selling a new data loss insurance aimed at small businesses. The new coverage is an add-on to the company’s existing Spectrum business-owner policy. It covers legal liability expenses and offers resources for policy holders to comply with regulatory requirements. A Ponemon survey last year put the average cost of data breaches at $7.2 million. More than 40 states have laws that spell out what businesses are required to do when they lose sensitive data and also sets penalties if the requirements aren’t met.”]
Source: https://www.csoonline.com/article/2129608/data-breach-insurance-caters-to-small-businesses.html