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Tech//404® for E-Commerce Businesses Overview
Today, businesses in all industries that aggregate and maintain third party data are targets of information theft and network security breaches. As brick and mortar retailers expand into e-commerce channels, critical personal information, including credit card and social security numbers, is now a growing liability in any business. Breaches in security can cripple even the most robust of online retailers. Data loss can strike abruptly, without warning, and often with ruinous consequences.
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Symantec, one of the U.S.’s premier manufacturers of anti-virus and security software, polled 2,400 consumers. 60% of respondents said that they did not feel safe shopping online. Some other survey findings are telling of why consumer concerns about online shopping are on the rise:
- 83% of respondents said they had received email from strangers
- 82% revealed they had received solicitations from companies they’d never done business with
- 52% had received a fraudulent email from someone asking them to buy something
- 51% had been contacted through email by someone pretending to be a real institution and requested personal information
- 50% had been infected with a computer virus.
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Tech//404® for e-commerce businesses is the first specialty liability insurance product of its kind to address the exposures of technology dependent e-commerce organizations, susceptible to network security and data privacy liabilities. In a single policy, Tech//404 for e-commerce businesses specifically addresses the effects of both technology and information risk on e-commerce. Learn more about specific coverage features of Tech//404 for e-commerce businesses.
If an e-commerce business can answer “yes” to any of the following questions, they may have technology and information risk for which they need coverage.
- Do your customers save personal information on your web site?
- Do you collect or pass credit card information?
- Do you centralize the storage of your sensitive customer data?
- Do you advertise for others on your web site?
- Do you send mass email or promotional and advertising email to your customers?
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To help mitigate potential loss, e-commerce businesses should implement risk management tactics including:
- Obtaining a rating from a reputable organization such as the Better Business Bureau, Verisign, or Trust-e.
- Providing customers with information about the authenticity of their products/services, as well as third party contact information and/or links on their web sites.
- Raising awareness of regulatory exposures related to data privacy and network security such as FTC and CA 1386.
- Utilizing safeguards at all times to prevent hackers from accessing vital information.
Claim Scenarios // Printable Documents // Application
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