Russell Bond & Co., Inc. December 2018
 
   
Privacy & Security
 
Recently a large, well known hotel chain disclosed a data breach affecting 500 million people.  The hotel chain says they discovered the breach in September of this year, however forensics show that the breach may have been ongoing since as far back as 2014!  To complicate matters, the database had been encrypted and was in the process of being moved or destroyed.  Finally, the hotel also advised that some encrypted credit card info had been comprised and that it was possible the tools needed to decrypt the information could have been taken as well.  As this company deals with the fallout, they stand the very real possibility of facing fines under the European General Data Protection Reform (GDPR).  If they have been found to have violated this European law, they could be fined up to 4% of their global revenue!
 
When discussing the importance of a comprehensive Privacy & Security policy with your clients, both existing and new, be sure to ask if their current Privacy & Security policy:
  • provides Full Prior Acts?
  • covers the costs to recreate / recover data?
  • covers regulatory fines including GDPR?
  • covers Payment Card Industry (PCI) fines?
If your clients answered NO to any of those questions, or they weren't sure what their current policy covers, call Russell Bond today to discuss Privacy & Security options.  If they need convincing that a Privacy & Security policy is at least worth the conversation, consider the hotel data breach example above and the costs associated with a breach involving Personal Identifiable Information (PII) and Payment Card Industry information (PCI).
 
Type of data exposed PII   PCI
# of records   327,000,000     327,000,000
Incident Investigation   $69,700,000   $50,050,000
Customer Notification / Crisis Management   $1,005,555     $596,796,000
Regulatory Fines & Penalties   $327,107,050     $163,508,300
PCI   $0     $4,741,525,000
Class Action Lawsuit   $4,000,000     $4,000,000
Total Cost   $1,406,362,050    $5,555,879,300
       
Call us for more information:  800-333-7226
 
Tonya Hollederer Ed Chadwick Jackie Oddo
Tonya Hollederer, ext. 133
Team Leader
thollederer@RussellBond.com
Ed Chadwick, ext. 261
echadwick@RussellBond.com
Jackie Oddo, ext. 161
joddo@RussellBond.com
     
A Wholesale Insurance Broker Unlike Any Other TM
 
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  866 Ellicott Square Bldg.  |  295 Main Street  |  Buffalo  |  NY  |  14203
1670 Whitehorse - Hamilton Square Road  |  Hamilton  |  NJ  |  08690
Hampton Ponds Plaza # 12 |  1029 North Road  |  Westfield  |  MA  |  01085
800.333.7226  |  www.RussellBond.com  |  Fax: 800.677.6779
 
     
68 Years
1950 - 2018
Trusted since 1950
  Proudly 100% employee owned since 2018