Friday, August 16, 2013

Claim Story: $90,000 is a Latte Money!

If you read my infrequent blog entries, you'll know that I write a lot about Privacy Liability exposures.  Here's a note about a recent claim that happened close to home in VA. 

Alice, who owned a coffee shop in VA, was informed by her payment card-processing bank of a potential data breach in her point-of-sale system. A forensics investigation found unintentionally stored credit card numbers. However, the payment card processor demanded indemnification for fines assessed by the credit card companies who alleged a data breach. The payment card processor withdrew $10,000 from the restaurant’s bank account and sued Alice's restaurant for the balance of $80,000.

Privacy Liability policies include coverage for such fines for failure to comply with PCI requirements.  If your company processes credit cards, then this could happen to you.

This claim story was provided by Apogee Insurance Group, our main Professional Liability Broker.  Apogee's site includes other Data Breach/Privacy claims stories like this one.  Read more here.

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