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Cyber Liability and Data Breach Insurance

Make Sure You’re Covered With Cyber Liability Insurance and Data Breach Coverage Tailored To Your New York Business

Many business owners are aware of the potential for a data breach, yet most think it won’t happen to them. If you have a computer or paper records and your customers or employees personal information stored within those records, then you are at risk and should protect yourself with a Cyber Liability Insurance and Data Breach policy. Two recent situations that we at Gerard P. Smith Insurance have seen:

  • Unbeknownst to our insured, malware attached to their computer and sent a customers’ personal information out to the World Wide Web. In this scenario, it was the insureds responsibility to notify the attorney general who, at their discretion, dictated how the insured had to notify all of the potentially affected parties.
  • Another business owner discovered that a former employee of his IT service provider took his company laptop when he left his IT job and the laptop contained personal data of the business owner’s customers. This business owner also had to follow protocol and inform the attorney general. It was imperative that the insured also retrieve all hardware and software from the former employee.

In such cases you would also be required to:

  • Contact the New York State Attorney General
  • Notify your customers
  • Set up credit monitoring for your customer
  • Average cost: slightly over $200 per compromised record. And, if you cannot show that the event didn’t affect all in your data base, you must notify all.

In additional to the cost and inconvenience, you may be legally liable for damages to your customer and you could also incur attorney fee’s from defending any claims made against you.

If you’ve not considered purchasing New York Cyber Insurance or New York Data Breach Insurance, you should. The cost, depending on a wide range of factors, can be from $250 to $2,500 per year. Please don’t hesitate to reach out to us for information for you to review. You can look it over on your own time and call us if you have any questions or if you would be interested in a proposal. We also have forms available that outline the information that we would need in order to provide you with a proposal for Cyber Security Insurance. If you’d rather discuss your options, please don’t hesitate to give us a call, we are always happy to discuss the coverage’s that would be a best fit for your business.

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Cyber Liability Insurance and Data Breach Coverage is important for businesses of all shapes and sizes. The cost to notify your contacts of a potential breach is only part of the risk. Keep in mind that you may have to hire an attorney to defend your business in the event that your clients, vendors, employees, or other contacts bring a lawsuit against you for damages. And, after paying the attorney, you still may be required by the courts to pay the affected parties for their damages. Please don’t delay in getting started with Data Breach coverage as it is becoming more important every day with the advancement of technology.

At Gerard P Smith Insurance, we have protected the residents and business of Rochester since 1966. We know the area. We know the businesses. We know how to protect you with the right New York Cyber Insurance.

Avoiding a data breach is not a guarantee in any business. So, don’t delay. Be prepared for the worst before it happens: complete the Protection Savings Form now and let our team forge a shield of protection over you.