The Hartford Financial Services Group has added First Party Data Privacy Expense coverage along with Cyber Extortion Expense coverage to its FailSafe suite of technology liability coverages.
|The economic impact that data security breaches can have on software developers and technology companies that handle non-public personal information can be cumbersome. There is a $202 average cost of per-record data breaches, according to a 2008 Ponemon Institute study. A breach involving 500 records could easily exceed $100,000.With the advent of Data Privacy Expense coverage, expenses incurred as a result of a policy holder's negligent acts, errors, or omissions will be covered under the policy. Cyber Extortion Expense coverage deals with the expenses incurred by a policy holder in the event of an extortion threat aimed at causing failure to prevent unauthorized access to a computer system.
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