Forbes estimates that fraudsters have stolen $107 billion via identity theft over the past six years. Two of the most terrifying breaches consumers worry about are those affecting banks and insurance companies. Aside from the possibility for financial loss, people worry about their privacy. So, what can your insurance company do to protect your identity in the case of a data breach? Your insurance company may provide coverage for expenses related to identity restoration.
The Data Compromised in a Breach
When a company suffers a security breach, bad actors may get hold of information they should not have access to. Sometimes this only is log-in credentials. Other times, it may include more personally identifying information. Some companies use encryption to scramble data and make it more difficult to tie specific information to specific individuals.
However, if the hackers are able to get employee credentials, that encryption can become useless. Here is some of the information they may now have access to:
- Home address
- Social Security numbers
- Credit card and bank card information
- Health insurance member information
Rectifying the Situation
After the breach occurs, all is not lost. Companies often act quickly to work with law enforcement and find the perpetrator. Sometimes, these criminals can be caught before they get the chance to share any of the information with anyone else. However, if you have identity restoration insurance, you may save yourself from further loss due to the data breach.
State Farm provides identity restoration insurance. This helps to protect consumers who may become a victim of various types of fraud. We also provide a case manager to help you streamline the process of restoring your identity. For more information, please visit https://www.statefarm.com/insurance/identity-restoration.