Shortly after the rush of Thanksgiving, my daughters and I were watching the news broadcast information about the data breach of payment! 40 million holiday consumers. My number one favorite retailer, Target, was the target. My daughter said, "Mom, I know your information was stolen. You live in the target. "My answer was:" No, not this time I do not shop all over Thanksgiving weekend. "
To my surprise I received a notification email from the target at the end of January informing me that my information was stolen. Then I received a text message from Chase Bank asking if I was shopping in New York. Chase refused the transaction and quickly sent new bank card to me without my request. I always kept me my privacy enough. In fact, I consider myself an expert, so I'm sure my information was not stolen. I was wrong.
The New York Times, the data from the violation of the affected target over 110 million people. During the fourth quarter, Target reported $ 61 million in pre-tax costs related to the offense and $ 44 million in insurance payments for a net cost of $ 17 million. This amount does not include the future costs of the breach which could include litigation, claims for fraud, and investigative costs. Target profits were down 46 percent. The reported net income was $ 520 million versus $ 941 million during the same period last year. Needless to say it was a bottom line hit the target.
Identity theft and data breaches are scary and expensive for individuals and businesses, but there are ways to protect yourself. For consumers, there are some basic precautions you can take. You can also ask your independent insurance agent on the cover identity of insurance against theft. Watch the video above to learn more about the cover offered by Central.
And what about businesses? Violations can occur for small and large companies as well (as demonstrated by the breach of the target), but small businesses are particularly vulnerable because they often lack the resources to protect or recover from violation. See our "Ten ways to prevent a data breach" tip sheet on our website, then ask your agent for more information on the data compromise and identity theft coverage.
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