Many businesses approach cyber security in a nonchalant manner in Albany, New York, mostly because managers think that the likelihood of getting hacked is slim to none, so they think they don’t need this type of business insurance. The truth is data breaches are common and the costs are phenomenal. Price Waterhouse Coopers estimates that companies average about 135 incidents each year, but they surveyed many companies that were not aware of a breach until notified by the FBI. Data incidents are happening more frequently, and some businesses are not aware of the threats.

How Data Breaches Impact Your Business
Data breaches reach beyond the IT department in many companies; the potential for risks are increased. If you consider the fact that networks allow users to access information on your network, the problem grows larger. Data breaches, even those resulting from minor operations disruptions, result in costs associated with:

•    Loss in productivity
•    Rebuilding your brand 
•    Fees for failing to comply with government regulations
•    Forensics used to track and remove the threat

In fact, Price Waterhouse Coopers estimates that the average cost to a company recovering from a cyber-attack is about $415,000. Fortunately, purchasing data breach insurance will help your organization save money when it comes to getting your business back operational.

Protect Your Business by Aligning with an Independent Agent
Independent agents offer a vastly different service from captive insurance agents, or agents who typically represent one company and offer limited services. If your business is concerned about the potential for cyber threats, contacting our local office is your first step to taking the necessary measures to ensure you are protected. After a thorough assessment of your business needs, our agents may be able to help you protect your business from cyber threats, threats to your property due to weather, and car accident in Albany, New York.

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