Cyber insurance is a policy that covers expenses and responsibilities arising from cyberattacks or computer incidents. As this coverage can help with financial and legal costs that stem from cyber incidents, maintaining it can be a savvy strategy to protect business assets and brand reputation.
According to the IBM Cost of a Data Breach Report 2023, the global average data breach cost in 2023 was $4.45 million, a 15 percent increase over three years.
That’s why having a robust cybersecurity plan is imperative in the digital age.
But no business is 100 percent safe from cyber threats. Bad actors are becoming more aggressive in exploiting gaps in digital security and stealing valuable information. The rise of remote work has exposed more points of attack.
Insurance Information Institute CEO Sean Kevelighan participated on a business interruption insurance panel organized by the U.S. House of Representatives on May 21, 2020. The virtual session, hosted by the Innovation and Workforce Subcommittee of the House Committee on Small Business, was webcast on YouTube: Webcast.
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