The guide can be useful for IT contractors, freelancers and business owners

Dec 9, 2013 20:31 GMT  ·  By

TechInsurance, an insurance company that specializes in providing services for small and micro businesses, has published a small guide to help organizations in reducing the cost of data breaches.

According to recent studies, the average cost of a breach is $5.4 million, which is a lot of money for small businesses. However, the Ponemon Institute’s 2013 Cost of a Data Breach Study has highlighted the fact that costs can be reduced significantly if a response plan is in place.

TechInsurance’s guide is designed to help small IT business owners, contractors and freelancers with structuring a response plan aimed at minimizing the financial impact of a breach. In addition, the guide will help small IT businesses avoid lawsuits that their clients might file against them in case of an incident.

“If it can happen to Google, it can happen to anyone. The smaller a business, the fewer resources it can dedicate to data security,” said Ted Devine, CEO of TechInsurance.

“Our IT customers who serve those smaller businesses face significant third-party liability exposure from clients without adequate data protection.”

The Data Breach Response Guide is available on TechInsurance’s website.