Do you have insurance in case the confidential information you keep is breached or in some way hacked?  Here is an article that discusses the need for coverage given the “explosion of access to and transmission of confidential data”  Click Here to read the article.

I asked Greg McDonald of Cloudstar Consulting if he advises his clients to purchase this kind of coverage.  Cloudstar specializes in technology solutions for title companies.  He said “there is a debate over how effective these types of policies are” A couple trends he sees are that this kind of coverage is mostly considered in bigger companies(150 – 300 agents) and they are usually run by boards and not individuals.  What do you think.  Is it time to consider data breach insurance.  Are you confident you have the right procedures in place to prevent cyber attacks?  Will this be part of the Risk Management and Risk Assessment that the CFPB may be asking of title companies?  What do you think?