Mitigate risk exposure with cyber liability insurance for your company to offset recovery costs that could put the future of your company at risk.
It might surprise you just how much an issue cybercrime has become for both individuals and businesses. The IRS has more than 3,000 people working on identity theft cases with thousands of victims each year to resolve. Millions of data records have been stolen from businesses, leaving them in financial distress and dealing with the complex and expensive recovery process. Between business interruption costs, legal defense services, and legal settlement awards, one breach can cost you tens of thousands of dollars or more.
What might be further surprising is that the target is not always the large corporations. In fact, nearly 50% of cyber claims are filed by businesses with less than $50 million in assets. Whether your Clayton, North Carolina business is retail, financial services, healthcare related, or provides other professional services, here at Rich Haag & Associates, we want to help you safeguard your business with cyber liability insurance.
While cyber liability insurance is not a substitute for a strong, talented, and effective IT department, it is important if you want to minimize the heavy burden of dealing with a breach should one happen to you. The cost for this coverage is dependent on various risk factors but is far more affordable than dealing with the fallout from the disruption and corruption of your electronic data and the other losses you will incur. This could include:
- government compliance
- legal defense
If you have questions about what cyber liability insurance covers and how it could mitigate risk exposure by offsetting recovery costs, do not hesitate to contact us to schedule a consultation. We will also be happy to look at your current business insurance coverage and determine if you have any other issues that you should be aware of.