While the bottom-line costs of a security breach may be high, William J. Montanez, director of risk management for Ace Hardware Corporation, says his company is more concerned about the type of loss that is difficult to measure in dollars.
“The reputational risk of misusing data is our biggest concern,” he says. “The Ace Hardware name is our most valued asset.”
Ace Hardware has an in-house insurance agency through which its network of independent retailers can purchase cyber liability coverage. At the corporate level, Ace purchases a cyber-liability policy from the specialty market.
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