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