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Press Release: In response to the rising threat of data security breaches, Jewelers Mutual Insurance Company has created data breach and cyber related protection to better serve the changing needs of jewelers. As more and more information is stored electronically, the potential for data breaches, identify theft, cyber fraud and other threats is growing, and the resulting costs and damage to a jeweler's reputation can have lasting effects on jewelry businesses. "At Jewelers Mutual, we are always listening to the needs of agents and jewelers as we build coverage that fits their growing and changing businesses," said Darwin Copeman, the president and CEO of Jewelers Mutual. "Forty-seven states have laws in place requiring businesses to notify individuals of breaches involving personal information and that puts jewelers in a tough spot to navigate the requirements and the associated costs. It's not as simple as saying, 'I'm sorry,' but Jewelers Mutual can help your business recover." Response coverage from Jewelers Mutual helps jewelers meet state and federal requirements for notification and includes legal counsel, forensic IT reviews, credit monitoring and identity restoration services. What constitutes compromised data? A data breach occurs any time a business is responsible for the loss, theft, accidental release or accidental publication of personally identifying information. Small businesses may actually be more susceptible to data breaches than large corporations because they don't have a team dedicated to information security or the resources to handle a reported breach. In fact, 55 percent of small companies have experienced at least one data breach according to The Ponemon Institute, which conducts independent research on privacy, data protection and information security policy. Elevating the risks, many jewelry businesses are selling their products online, to consumers and to other jewelers. Jewelers Mutual also provides ecommerce coverage to protect jewelers from the loss of business income and expenses incurred when they have a covered suspension or slow down in e-commerce activity. It also covers the restoration or replacement of electronic data that is destroyed or corrupted. Still, one of the greatest myths about data and cyber security is that jewelers aren't at risk if they don't handle retail transactions online. According to Copeman, "There are a lot of ways criminals can steal data from any business. If you have your employee information stored on a laptop, what happens if it's stolen? This coverage is designed to protect your business from a wide variety of data and cyber threats, whether it's a stolen laptop, an untrustworthy employee who makes a copy of sensitive information, electronic hacking or even cyber fraud." Jewelers can learn more about data breach and cyber related coverage by speaking with a Jewelers Mutual agent by phone at 800.558.6411 or email at YourInsuranceExpert@jminsure.com. More time-tested strategies to help prevent losses and protect jewelry businesses can be found at JewelersMutual.com.
ABOUT JEWELERS MUTUAL INSURANCE COMPANY
Jewelers Mutual Insurance Company is the only insurer dedicated solely to serving the jewelry industry in the U.S. and Canada. Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual remains the trusted insurance advisor and loss prevention expert for nearly 10,000 jewelry businesses including retailers large and small, wholesalers, manufacturers, custom designers, appraisers and many other segments of the jewelry industry. Additionally, more than 300,000 consumers trust Jewelers Mutual and its Perfect Circle® Jewelry Insurance to protect their personal jewelry. The company's strong financial position is reflected in its 27 consecutive ratings of "A+ Superior" from A.M. Best Company and more than $17 billion in bound jewelry coverage. To learn more, visit JewelersMutual.com.
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