Data theft risk is growing, causing risk managers, legislators and plaintiff attorneys to take notice and action, with the price tag for defense of suits against entities in the "chain of breach" in the millions regardless of whether it is found liable.
Loss control and risk management are keys to limiting corporate data theft exposure. Firms must take stock of all exposures, both tangible and virtual. For the remaining e-risk, organizations need to evaluate insurance options.
Depending on a company's business and operations, some coverage might be in place under existing property and general liability policies. Alternatively, it may be possible to add a network risk endorsement to such policies. Changes in 2003 to ISO forms, as well as two precedent-setting cases, however, have rendered those options dangerous.
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