Identity theft in South Carolina usually refers to private citizens having their identity stolen, usually via some type of cybercrime. In addition, businesses are also susceptible to a wide range of cybercrimes that can be devastating for the business and its customers.

Victims of identity theft may lose thousands of dollars before ever suspecting a thing, and once your identity has been stolen, it can take years to close fraudulent accounts, get some of your money back, and fix your credit.

Businesses that are victims of identity theft also often face lawsuits, fines, notification costs, and a public relations disaster.

If you want to learn more about identity theft insurance and cyber liability insurance for your home or business, start by finding a South Carolina independent insurance agent.

What Is Identity Theft in South Carolina?

Identity theft is a term that refers to a broad range of activities involving someone stealing your personal information, like your Social Security number or bank account numbers, and using it to create new accounts, apply for loans, make purchases, lease cars or residences, and even obtain employment. Financial, tax-related, and benefits-related complaints are the most common.

Most Common Types of Identity Theft Complaints in South Carolina

For business owners in South Carolina, cybercrimes can come in many forms, from hackers and personal or business identity theft to seemingly innocent errors and mishandling of information. The most common forms of cyber threats are as follows. 

• Hackers: Hackers can gain access to cash registers and credit card terminals in order to steal customer credit card information and use it to make unauthorized purchases. Hackers are also known to attack networks from the outside with malicious code and malware that can cause systems to shut down and businesses to lose money.
• Theft: Just as hackers can “virtually” steal sensitive information, physical assets and devices can be stolen by outsiders and even by rogue employees. If laptops, backup tapes, disks or other devices that contain personal or sensitive information about customers are stolen, the information can again be used for unauthorized purchases and even identity theft.
• Mishandling information: Nobody’s perfect, and if your employees are not well-trained, conscientious and trustworthy, the mishandling or accidental exposure of sensitive information to outsiders can become a serious issue for your business.

No matter how it happens, the costs to your business can be devastating and far beyond replacing equipment or updating outdated computer systems. You might face loss of income/business interruption, fines and statutory reporting requirements, personal injury claims, and so much more.

Who Needs Identity Theft Protection in South Carolina?

Individuals

Identity theft can affect anyone in South Carolina regardless of race, gender, age, or socioeconomic status. The thieves steal your information such as your name, Social Security number, driver’s license, or bank or credit card numbers and use the information to establish credit, make purchases, and more.

Your identity can be stolen anywhere, not just online. Thieves can steal your personal information from your doctor’s office, accountant, school, or place of employment. They can access your information from your health insurance carrier, too. They can hack into a computer system or simply steal it out of a garbage can or a dumpster. If you fail to shred important documents, you could be vulnerable to identity theft literally right in your own backyard.

Victims of identity theft may lose thousands of dollars before ever suspecting a thing, and the damage can be devastating and last for years. Thieves can steal your identity by:

• Stealing your mail or garbage in order to access your Social Security number
• Using fraudulent emails to trick you into providing credit card numbers, bank account information, or Social Security numbers
• Stealing your account numbers from a business or from a medical office
• Stealing your wallet or purse in order to access your personal information

Every South Carolina resident needs to understand how identity theft happens, how to recognize it, and what to do if you’re a victim.

Businesses

Technology exposes your business to a whole new set of potential liability issues that can cost you time and money, and can even shut down your business for good.

Identity thieves and hackers don’t discriminate based on the size of your business, either. In fact, small businesses may be even more susceptible to cybercrimes because they don’t have the resources to protect themselves or recover if they are targeted.

Data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more. Any business that handles electronic data (especially personally identifiable information about its customers) is susceptible to cybercrimes and identity theft.

What Does Personal Identity Theft Protection Cover in South Carolina?

Personal identity theft insurance is available in South Carolina. It can protect you from some of the costs associated with identity theft and certain other types of cybercrimes, such as the costs of making phone calls, making copies, mailing documents, taking time off from work without pay (lost wages), and hiring an attorney. It probably won’t cover any direct monetary losses.

In addition to identity theft, personal cybercrime insurance in South Carolina might cover:

A South Carolina independent insurance agent can help you assess your need for identity theft protection, and can help you get the coverage that best fits your needs.

What Does Business Identity Theft Protection Cover in South Carolina?

South Carolina cyber liability insurance for businesses covers much more than identity theft.  It is designed to protect your business by covering certain costs related to a variety of cybercrimes or data breaches.

If you’re sued because the incident caused harm to others (customers, business partners, etc.), cyber liability insurance pays for your legal defense costs, as well as any settlements or judgments that you are ordered to pay. This is also known as third-party coverage.

In addition, cyber liability insurance may provide coverage for your own costs, including the costs to repair IT systems, recover lost data, pay fines, and notify customers and other parties of the breach. You might also incur public relations costs and other related expenses in an attempt to salvage your reputation. This is also known as first-party coverage.

What Does Identity Theft Protection Cost in South Carolina?

Individuals

Personal identity theft insurance in South Carolina is sometimes sold as a stand-alone policy. But it is more commonly sold as part of a package or an endorsement to a South Carolina homeowners insurance policy.

In some cases, identity theft insurance might be included in your standard home insurance rates. Not all home insurance policies or companies cover identity theft. You’ll need to discuss your coverage with a South Carolina independent insurance agent.

Standalone identity theft insurance might cost between $25 and $60 per year, on average, but everyone’s rates will be a little different.

Identity theft insurance in South Carolina will have policy limits and deductibles just like most other insurance policies. As with any insurance product, you need to understand what you’re buying and compare the price, coverage, and deductibles among multiple insurance companies to make sure you’re making a wise choice.

Businesses

Cyber liability insurance in South Carolina can be added to a South Carolina business owners policy (BOP) or a South Carolina commercial general liability policy. You can also purchase a customized stand-alone policy that addresses the specific types of cyber exposures that you have.

Cyber liability insurance costs will vary depending on the type of coverage you need and the risks that you face. Some of the factors that will influence your cyber liability insurance premiums in South Carolina include:

• The number of customers, clients, or business partners that you have
• The types of sensitive data and information that you store
• Your annual revenue
• Your prior claims history

How a South Carolina Independent Insurance Agent Can Help

An independent insurance agent can help you learn about and purchase personal identity theft insurance in South Carolina. Independent agents aren’t tied down to a single insurance company, so they can shop around and get you multiple quotes.

If you’re a business owner looking for cyber liability insurance, a South Carolina independent insurance agent is also the best place to turn. Your agent can help you with a comprehensive business insurance program that includes cyber liability protection.