Speaking of Insurance…

See this article in Bloomberg Business Week and come back for a chat.

Small businesses are are exposed to bank hacking risks that banks are doing nothing to manage. If your account is hacked, the banks position is basically – tough luck.

$1 billion is stolen from small business accounts annually. This seems like a shitty situation for a state that wants to be small business friendly, so let’s look at this solution:

Banks have to purchase insurance for small business accounts. The rigor of having to apply for and get insured would cause banks to beef up the security on small ($50k to $2 million on deposit) accounts.

This is doable, who is with me?