Cyber risk liability insurance is a critical necessity for businesses in the digital age. As technology advances, companies are increasingly exposed to cyber threats and potential losses from data breaches or system failures.
Cyber risk liability insurance helps to protect businesses from the financial repercussions of a cyber-attack, as well as any potential legal costs associated with a data breach.
Given the prevalence of cyber-attacks and data breaches, businesses of all sizes must consider getting cyber risk liability insurance. While it’s true that not all businesses are at risk for a cyber-attack, data breaches are becoming increasingly common.
According to the Ponemon Institute, the average cost of a data breach was $3.86 million in 2020, with the average cost per stolen or exposed record being $148. This is why it’s so important for businesses to take steps to protect themselves from cyber-attack.
One of the main reasons businesses should get cyber risk liability insurance is that it can help cover the cost of the investigation into a data breach. This is important, as a thorough investigation is a key to understanding the scope of the breach and the potential damage it may have caused.
Additionally, cyber risk liability insurance can help cover the cost of any legal fees associated with a data breach. for more information call us @ 877-484-2963 or visit www.carmar.net