TechInsurance Hails Report That Lets IT Pros Better Manage Third-Party Data Breach Exposure

IT professionals can now use data from Verizon Enterprise’s 2014 DBIR, which outlines primary breach exposures by industry.

CHICAGO—May 7, 2014—TechInsurance, the nation’s leading online source of business insurance for small IT businesses, today lauded resources included in Verizon Enterprise’s 2014 Data Breach Investigation Report that can help technology professionals minimize their exposure to third-party cyber liability.

Included in the DBIR is an analysis of data breach exposure by industry, which ranks the likelihood that various types of data exposure incidents will affect 19 industries. IT business owners and consultants can use this information to guide the data security advice they offer clients.

“For an IT freelancer or 1099 contractor, [these rankings] are pure gold,” said Ted Devine, CEO of TechInsurance. “You can see which risks most threaten your clients, then dedicate resources to helping your clients minimize their exposure to those risks.” He emphasized that the information in the report offers a numbers-based guide that IT business owners can use to spend their limited time and money for the greatest return.

“Our customers don’t have millions to invest in ‘just-in-case’ protections,” he said. “We’re very excited about the potential these numbers have to help them focus and prioritize their data security activities.”

Keeping tabs on clients’ data exposure is crucial to the financial wellbeing of many technology businesses, which can be held liable for client data breaches. While Errors and Omissions Insurance can cover the legal costs if an IT professional is sued over responsibility for a client’s data breach, it’s easier and less expensive for all parties to avoid data breaches in the first place.

The Verizon report notes that a significant majority (92 percent) of all data breaches that occurred in 2013 were caused by nine types of events: point-of-sale intrusion, web app attack, insider misuse, theft or loss, miscellaneous errors, crimeware, payment card skimmers, denial of service attacks, and cyber espionage.

For more information on the rising importance of data breach insurance, visit the TechInsurance blog.

About TechInsurance, an insureon Company

TechInsurance is the nation’s leading online agent for IT freelancers, contractors, and businesses with 10 or fewer employees. It offers a variety of policies for those in IT fields, including General Liability Insurance and Errors & Omissions Insurance.

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