We are awash in information, and an alarming amount of it is available to anyone “passing by” electronically.

According to a recent report by the Identity Theft Resource Center (ITRC) in San Diego, there were 656 data breaches reported in 2008. This represented a significant increase over the 446 breaches disclosed in 2007, despite a caseload of federal and state laws, all of the information technology (IT) security measures, and the heightened awareness regarding the increasing incidence of data breaches.

For companies in the risk management business, setting a good example for their policyholders to control claims is just one reason for implementing “Best-in-Class” data breach practices. The others range from retaining customer loyalty and brand equity to avoiding the significant and rising costs associated with data breaches.

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