Privacy Liability
Does your firm collect, store or process their clients’ personal data? Whether it’s bank account numbers, credit or debit card details, health records or other private or confidential information, if any of these details were to be released into the public domain, your firm could be liable. Richard Thomas, the Information Commissioner has recently made the point that “…there have been several high profile incidents of data loss in public and private sectors during that time which have highlighted that some organisations could do much better. The coverage of these incidents has also raised public awareness of how lost or stolen data can be used for crimes like identity fraud. Getting data protection wrong can bring commercial, reputational, regulatory and legal penalties. Getting it right brings rewards in terms of customer trust and confidence.”
Our Privacy Liability Insurance policy can complement your clients’ current professional indemnity policy or stand on its own to offer protection should this data be lost or stolen. Failure to comply with internal policies governing customer privacy or to disclose a security breach in a timely manner can also be insured.
To review the FSA findings in full, please follow the link below.
The FSA has also published a factsheet to help senior management at small firms understand their
data security responsibilities. To view this factsheet, please follow the link below.