In recent years, the risk of cyberattacks has become a common, high-level threat to organizations. This means that both time and money need to be invested in order to take precautionary measures and implement damage control before and after an attack happens. As a result, cyber liability insurance is now the recommended measure for risk management.

According to our expert, Cathleen C. Christenson, VP of Property & Casualty at Hierl Insurance, there are two main reasons why Cyber Liability Insurance is the best way to protect your company’s cyber assets: the all-in costs of a data breach and the protection of customers and employees. Since the world will never be free of cyber risks, the right thing to do is to protect your business with Cyber Liability Insurance.

Why Cyber Liability Insurance?

When cyberattacks occur, they often result in devastating damage to an organization’s important data. This results in business disruptions related to lost revenue, restorative actions and public relations. Not being able to accurately measure business costs of cyber risk means organizations are unable to make decisions about resource allocation, technology investments and threat prioritization. According to research published by Ponemon Institute, the cost of a data breach has increased to around $150 per document lost.

While the average breach involves around 25,000 files, this could round up to nearly $3.9 million dollars. It is important to remember no organization is immune to the impact of cybercrime. Insurance will help protect your organization’s information, facilitate timely recovery of business functions, and minimize loss of revenue, customers and data.

Coverage Options

If the worst should happen and your company suffers a data breach or similar attack, you should have a business continuity plan in place. Data is generally worth more than physical assets and keeping your data safe from cyber risks requires constant attention to ensure an attack never happens. Hierl Insurance has the resources and know-how to help you identify potential risks and keep your business running smoothly in the event of an attack. Cyber liability insurance policies are tailored to meet your company’s specific needs Benefits include data breach coverage, business interruption loss reimbursement, cyber extortion defense, forensic and legal support.

Why Hierl?

At Hierl Insurance, we love what we do, and this includes a partnership with you in mind. We understand the demands of each client are unique, so we craft your options to fit your business perfectly, creating a different story for each client. We stand by waiting to greet you with a warm welcome to devise a blueprint to turn your company’s dreams into reality. Supplementing your insurance with cyber coverage can provide peace of mind that your organization’s financial and reputational well-being is protected.

To speak with Cathleen, contact her today at 920.921.5921 or by email at cchristensen@hierl.com.