Protecting Your Privacy and All-Important Credit Rating
Updated Oct. 21, 2020
Building a Better Credit Report
The information in your report helps lenders decide whether or not to give you a loan, and how much you will need to pay to borrow money.
Checking your credit report periodically can also help you repair possible identity theft by showing whether any fraudulent accounts have been opened in your name. Some credit card companies offer this service for their cardholders and you can also pay to get this service through the credit bureaus directly, among other third-party monitoring services.
In addition, you can find a lot of free tips and resources from the Feds on safe spending, being an informed, safe shopper, and how to handle credit and debt.
Safeguarding Privacy
According to a recent article in Morning Consult, the ratings and review non-profit site, Consumer Reports "...is now adding new factors to inform your purchase: consumer privacy and data security."
In March, CR announced “the first phase of a collaborative effort to create a new standard that safeguards consumers’ security and privacy,” stating its “hope [that] industry will use that standard when building and designing products such as connected devices, software, and mobile apps.” According to CR, the goal of the initiative, dubbed “The Digital Standard,” is to help consumers “understand which digital products do the most to protect their privacy and security, and give them the most control over their personal data.” CR will eventually use the standard in its product testing, which the publication says “will help consumers make more informed purchasing decisions.”
We think that's an excellent idea and will give consumers an awareness of how their personal information is being used and accessed.
Cyber Security for Businesses
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As technology becomes more complex, every organization needs to protect against sophisticated cyber threats both known and unknown. Cyber liability insurance is an insurance product used to protect businesses from Internet-based risks, as well as risks relating to information technology infrastructure and activities. This type of insurance is sometimes referred to as cyber security insurance, data security insurance, or cyber risk insurance, among other names.
Typical commercial liability policies generally do not include these cyber-related risks, therefore cyber liability coverage is purchased as an additional, stand-alone policy.
For the self-employed and small business owners wanting to protect themselves, give us a call so we can review the best options for your business.