Check Point Research reports that ransomware attacks increased 93% in the first half of 2021 — having cyber liability coverage can help your company recover from damages that these attacks cause.
Editor’s Note: This is a guest blog contribution from CoverWallet.com Sales Manager Chris Ham. Chris shares his expert perspective on how businesses and other organizations can protect themselves from various cyber security risks through the use of cyber liability insurance.
Did you know that data breaches and other I.T. security issues can cost an uninsured company millions of dollars? Sophos reports the average price tag of a ransomware attack (including costs relating to ransom payments, downtime, technologies, personnel, and technological resources, and lost business opportunities) is $1.85 million.
Of course, ransomware is just one type of cyber attack that can cause damage to businesses. Cyber insurance is a type of coverage that protects businesses from lawsuits related to their computer security systems. The most common use of cyber insurance is providing settlements to customers following a cyber attack, and there are also many other situations where it is useful. We’ll explore what cyber liability insurance is and how having it can help you protect your business when things go sideways.
Let’s hash it out.
What Is Cyber Liability Coverage?
Before we get into the details, let’s…