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NY Cyber Liability Insurance: Identity Theft

NY Cyber Liability Insurance: Identity Theft NY Cyber Liability Insurance Identity Theft

According to both the FTC and FBI cybercrime is a rising concern across the country. In 2013 over 290,000 cases of identity theft were reported to the FTC, the majority of those instances involved digital storage, usage and transmission of private data. That number represents cases officially filed with the FTC, not handled through private financial institutions or other means. The FTC estimates that millions more cases transpire each year costing consumers and businesses millions.

The Bureau of Justice Statistics approximates that 16.6 million people, 7% of individuals over the age of 16, are victims of identity theft a year. Yet only about 10% of victims report these events to law enforcement while the vast majority alerted their financial agency where the incident took place.

Unauthorized uses of credit card and bank account data account for roughly 92% of all fraudulent instances. The total financial losses in 2012 were $24.7 billion, which is more than any other property crime. Cybercrime and identity theft can arise in any industry utilizing digital methods of storing customer data, conducting online transactions, and many other instances. Consumers can no longer be held solely accountable for the protection and storage of their personal data.

Data breaches and unauthorized use of data can occur across-the-board posing a risk to every business throughout all industries. Keeping your business safe is as important as protecting you customers, and having the right NY cyber liability insurance can help. While certain sectors have a higher risk of exposure to cyber liability, but no business is really immune to the risk of cyber liability in today’s digital environment.

At A. J. Benet, we work with organizations to review their exposures by focusing on where cyber breeches could arise. Exposures could include cyber-attacks, data breaches and privacy risks. Our Cyber Liability and Crime coverage can be valuable addition to our New York Business Insurance policies and help protect your company. Contact us at (888) 639-4560 for more information about making sure your company is aptly covered.

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