Sunday, July 08, 2018

Delaware Business Insurance Update, from CNC Insurance Associates, “Delaware New Cyber Law Will Impact Your Business ! 7-8-18

The state of Delaware passed a new cyber security law that will impact all business owners in the state. This new law will be go into affect this August, 2018. Businesses that house “personal” data       ( basically every business) are required to encrypt, protect and notify if there is a breach. Also the law requires the business provide credit monitoring and breach mitigation services for up to a year. If a breach occurs and more than 500 people are impacted , then the state attorney general needs to be notified.
So what is a business to do?  Buy a cyber security insurance policy. These policies will pay for the breach notifications and mitigation services. They will also pay for the credit monitoring services that are required by the law.
This is here to stay.  Yes it means more costs upon a business, but buying an insurance policy is a small price to pay.
Call you insurance professional today to learn how your business can purchase a cyber liability policy. Until next time be careful out there and know your risks.

G. Kevin Nemith  CEO CNC Insurance Associates /Hilb Group
1-877-262-3276 toll free