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John A. Knutson & Co., PLLP
Certified Public Accountants
1781 Prior Avenue North, Falcon Heights, MN 55113
Website: www.jakcpa.com
September 2020
Data Breaches
Industry studies show that data breaches cost small to medium businesses an average of $200,000.* These costs include customer notification, fines, investigation costs, defense attorney fees and the expense of providing affected individuals with a year of identity theft monitoring services after the breach.
Protect Your Business
- Provide data security training to all employees;
- Run automatic network virus scans and antivirus software updates;
- Download the latest operating system and software updates and patches;
- Purchase data breach insurance and consider cyber liability insurance and technology errors and omissions policies;
- Purchase umbrella liability coverage as a backstop for data breach insurance and other insurance policies. Umbrella coverage kicks in when the claim is greater than your primary insurance coverage limits and is generally very affordable.
*Hiscox Cyber Readiness Report 2019.
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