By now, everyone in the U.S. is aware of the Target Cyber Breach that hurt Target’s image and business while spawning dozens of legal actions. Even now, in March 2014, nobody knows the complete ramifications that this will have on Target’s bottom line. Despite this, many New York business owners still don’t think they need Manhattan Cyber Liability Insurance, or perhaps they still think this “will never happen to them.”
Understanding why your business needs Manhattan Cyber Liability Insurance means that you need to know how cyber-attacks and/or data breaches happen. These breaches can result from intentional actions, including hacking, employee theft, theft of equipment such as laptops and hard drives, and deception or misrepresentation to obtain unauthorized data. Perhaps instead of asking why your business should be insured, a better approach could be, why shouldn’t your business have Manhattan cyber liability coverage?
First of all, Manhattan cyber liability coverage is probably more affordable than you think. While cyber liability insurance is still a relatively new concept with a lot of variation among policies, most businesses find that the premiums are not as high as they assumed they would be. Think about the extreme loss Target suffered; they had estimated 110 million customer credit and debit cards were stolen, not to mention the thousands of customers that no longer trust the brand. When you consider what your business could lose should a data breach occur, does a couple thousand dollars a month sound so bad?
Inc. Magazine points out a couple other reasons why having a Manhattan cyber liability policy just makes sense. For example, your business probably does not have a risk management team. A good insurance carrier can play a similar role, advising you on your biggest cyber risks and how to mitigate losses due to them. Also, your Manhattan General Liability policy will typically not cover you. A good Manhattan cyber liability policy will pick up where general liability left off.
At Tri-State Insurance Agency, we recognize the Manhattan Cyber Liability Risks that businesses in all industries face. If you store or transmit information on a computer system regarding employee personal data, banking or credit card numbers, or other personal demographics, your business is at risk. Please contact us today at (888) 990-0526 to learn more about our comprehensive Manhattan Business Insurance Packages.