Sunday, February 24, 2008

Identity Theft Basics (2/21/08 Knowledge Knugget)

  • Identity Theft incidents lead to 45 Billion dollars of loss in 2007
  • More than half of the thefts surveyed occurred via physical media versus electronic means
  • Your insured can have liability for information breaches due to tort, contract or legislated obligations
  • Network security/information policies can cover both third and first party liability exposures (legal liability and business interruption)
  • Some policies cover losses perpetrated by employees
  • Coverage can be purchased on a monoline basis, or as part of a professional liability or other type of package or executive protection policy

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