What Are the Costs of a Data Breach to Your Business?

Last year, My Fox Boston reported that more than two million residents had become victims of data breaches since 2010. As you can see, this issue is on the rise! As a garage and auto body shop owner, it is your responsibility to make sure you take care of your customer’s card numbers, social security numbers and any other personal information that could be compromised.

While garage insurance can cover the costs of a data breach, it is still best to avoid this issue as best as possible in your auto body and repair shop. If not, it may cost your business directly:
• Notification Expense
• Investigation Expense
• Communications/Public Relations Expense
• Costs to “Manage” the Data Breach (time spent away from business)
• Legal Fees
• Payment of any judgments
And do not forget about the indirect cost of this issue: loss of customers!
As you can see, it is in your business’ best interest to keep data breach issues to a minimum, no matter how much garage insurance you have. We do not need to keep adding to the two-million mark!

If you are concerned about protection from data breach mishaps, come and speak with our experts at Wolpert Insurance. We would be more than happy to discuss coverage options and put the proper protection in place.