All businesses that operate or store information online can benefit from cyber insurance in New York. The New York Department of Financial Services published a Cyber Insurance Risk Framework with best practices for insurers managing cyber risks.
Cyber Liability Insurance in New York
HCP’s cyber insurance gives your business the coverage it needs against cyber incidents and losses.
Protect yourself against cyber incidents and losses
Virtually all businesses in New York use the internet and information technology infrastructure to operate some part of the business.
This means more ways for cyber criminals and hackers to access and steal your business’ confidential information.
With cyber insurance coverage, you protect yourself from cyber incidents and related losses.
What is cyber liability insurance?
Cyber liability insurance is a specialty insurance that protects businesses against financial damage and loss from risks associated with information technology infrastructure and activities.
Cyber liability insurance can save your business when an unexpected internet crime happens.
It often includes protection against:
- ransomware attacks
- data breaches
- loss of information
- other cyber incidents
It covers expenses for notifying customers, investigating, and recovering from a cyber-attack. It also covers legal fees, fines, and penalties.
Typical small business risks covered by cyber liability insurance
Cyber incidents are becoming increasingly common. Here are some typical small business risks covered by a cyber insurance policy you might encounter in your business.
Cybersecurity insurance provides financial protection and support in the event of stolen information. It can cover the costs of legal fees, notification expenses, and potential liability claims.
With cybersecurity insurance, you can mitigate the financial impact of cybersecurity breaches by covering the costs of forensic investigations, legal expenses, customer notification, credit monitoring services, and potential liability claims.
Cybersecurity insurance can cover crisis management services, including public relations, to help your business effectively respond to and manage cyber incidents.
In the event of a cyber incident that leads to business interruption, cybersecurity insurance can provide coverage for lost income, additional expenses incurred during the downtime, and more.
This coverage can protect your business against the financial impact of ransomware attacks by covering ransom payments, cyber extortion expenses, and other costs.
Choose HCP Insurance for cyber liability coverage
A comprehensive and personalized cyber liability insurance policy from HCP Insurance gives you more confidence in your small business. We help you mitigate small business risks and manage and eliminate exposure to cyber-attack damages.
Who needs cyber liability insurance?
Cyber attacks can be difficult to recover from, especially if your company doesn’t have a good cybersecurity program yet. It’s much better to take preventative action. Cyber liability insurance can protect your business and manage the loss associated with exposure to cyber crimes.
Here are some industries that might suffer the most from cyber incidents:
- Medical Clinics / Hospitals
- Consulting Firms
- Banks / Credit unions
- Manufacturing Companies
Examples of cyber insurance claims coverage
Data breach response
A company experiences a data breach and personal information of their customers is compromised. Their cyber insurance policy covers the costs of notifying affected individuals, credit monitoring services, forensic investigations to determine the cause of the breach, and managing resulting legal liabilities.
A cyber attack causes significant damage to a company’s computer systems. The cyber insurance policy covers the loss of income during the downtime, additional expenses incurred to restore systems and operations, and public relations or crisis management services to minimize reputational damage.
After falling victim to a ransomware attack, a business’s cyber insurance policy covers the ransom payment, incident response expenses, system restoration costs, and legal and forensic services needed to investigate and prevent future attacks.
Frequently asked questions about cyber insurance
We’ve covered some of the common questions New Yorkers have about cyber insurance below.
There are different coverage limits and policy types of cyber liability insurance. It depends on your deductibles, claims history, how much coverage you want, and the risks you want coverage against.
Cyber liability insurance does not cover property damage. It includes computers, hardware, and other technology equipment damaged from a cyber attack.
Cyber insurance typically covers a range of incidents.
These include data breaches, ransomware attacks, business interruption due to a cyber event, theft or loss of confidential information, liability for privacy or security breaches, costs of forensic investigations, notification and credit monitoring expenses for affected individuals, and legal expenses related to cyber-related lawsuits or regulatory investigations.
Yes, cyber insurance can often provide assistance with regulatory compliance. Many policies offer coverage for expenses related to responding to regulatory investigations and fines resulting from a data breach or cyber incident.
NY cyber insurance coverage
Protect your business from the growing threat of cyber risks with NY cyber insurance coverage from HCP Insurance.