New York Technology Insurance
As we progress into the digital age, cyber risks are becoming more and more important for each and every one of us. In the past, it was assumed that cyber risks were only present for companies that had online stores. However, this is not the case as a breach on a business or company's data can have huge impact regardless of whether the company sells online or not. Given the increased sophistication of hacking methods and changes in use of technology, it is important that all potential cyber exposures are identified early enough and strategic methods of managing these exposures identified. These methods include having a New York Technology Insurance policy. Contact Tanner Insurance Agency, Inc to get the right policy today!
For anyone who is looking to purchase a Cyber Liability policy for your business or company, it is important that you understand the different kinds of risks that are covered by these policies. Having a Tech Insurance policy can be quite cost-effective as a way of filling the gaps between the current insurance coverage of your business or company and your cyber activity.
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There are several types of policies available and knowing each one of them can be very helpful in making a decision on which areas of coverage should be transferred to insurance. Tanner Insurance Agency, Inc can help you identify the coverage that is suitable for your business. Read on and find out the different IT Insurance covers that your business or company can benefit from.
- Cyber Liability Insurance
This provides coverage for any financial loss that may be incurred by a third party as a result of a cyber-attack that has originated or passed through your computing system or your cloud solution providers' system. The policy can also cover loss or theft of your data as a result of a virus or a hacking attack.
- Privacy Liability Insurance
With the changing online security landscape, privacy has become a major concern for most people. Confidential information that should not be accessed by others may sometimes fall into the wrong hands as a result of an online attack. In such a scenario, privacy liability comes in handy. This coverage rises from failure to prevent unwarranted access to private and confidential information contained on the computers systems of your company. It also insures against accidental loss of personal information that is contained in your company's possession for which your company is responsible. This covers against any losses that may arise as a result of the data loss or leaks. It can be applied to not only the electronic assets, but the physical ones as well.
This is very important for your business since the accidental loss of data may have a larger exposure than you originally expected. For instance, consider a situation in which a mobile device is lost. The device can be a source if access to sensitive information such as email, cloud storage and proprietary company information which should not be accessed by unauthorized persons.
Even in cases where you are outsourcing services that involve your data to a third party, insurance is still very important since you are still responsible and in case of any breaches, you would carry vicarious liability.
Technology Insurance policies also cover the costs that come with investigations, regulatory penalties and fees among other costs. Privacy laws and regulations are always changing and the penalties and fines imposed are on the rise. It is therefore necessary that you have the right coverage in place to prevent your company from going bankrupt and closing down in the event that confidential data is leaked.
- Breach Notification and Remediation Costs
Laws on information privacy are constantly evolving and becoming more robust each day. Breach notification in case of a cyber-attack is becoming mandatory in most jurisdictions. It is quite a costly undertaking to notify your customers of a potential release of personal information. The good news however, is that Tech Insurance policies have been designed with all this in mind and can cover these expenses quite comfortably.
The coverage may also include other mitigation costs in case of an attack such as providing credit monitoring services to customers, crisis management and public relations costs. In case of a cyber-attack, protecting the brand reputation of the company is very important since a decline in customer trust and confidence can result into huge losses in revenue.
- System Damage and Business Interruption
This covers the expenses involved in recreating or restoring the data that was corrupted or destroyed in a cyber-attack. This coverage can also be extended to take care of the costs that arise from the failure or impairment of a cloud service provider due to an online attack.
Since businesses rely on data and computer systems to run their daily business transactions, any loss of information or system downtime could lead to interruption in the running of the business. This causes the business or company to lose revenue during this period and insuring against this is very essential.
This is the fastest growing types of crime in the world and takes various forms such as criminals looking for information, malicious employees and even competitors looking for classified information. IT Insurance can protect your business from the exposure that results from Cybercrime. The coverage can also extend to financial loss which comes as a result of extortion related with ransoming of systems that have been hacked.
- Multimedia and Content Liability
This policy covers your business against Intellectual Property rights infringement such as copyright breaches, defamation and any content liability arising from content that your business is deemed responsible. An example of this would be content shared via social media on behalf of your business.
Protect Your Business Today With New York Tech Insurance
IT Insurance can help you to recover from unexpected events. When looking for a policy, it is important that you are familiar with the breadth of coverage that is available. At the very bare minimum, your company should obtain quotes in order to evaluate the risks versus the benefits of such a policy.
If you would like a free quote, simply fill out the quote form at the top of this page or call Tanner Insurance Agency, Inc at 315-893-7790. The quote comes with no obligation and can be very useful in helping you make the decision. Remember, the information landscape is always changing and the best time to act would be right now.