Thecost of cyber insurance premiumsrose dramatically in 2021 and 2022, driven by a surge of ransomware-related claims that put a strain on insurers and threatened the viability of the market.Insurance premiums rose 50% in 2022before a more recent decline in ransomware incidents and payouts helped...
The average cost of a single ransomware attack is $1.85 million. Get a free quote today to learn how much a cyber insurance policy could save you. Find a Policy Costs of cybercrime The biggest risk posed by cybersecurity threats is financial loss. In fact, stats and trends show that cyb...
For large enterprises, cyber insurance is widely seen as the cost of doing business while cyber-insurance underwriting for smaller companies continues to be an area of potential growth. In 2022, the total dollar value of cyber-insurance premiums – including both standalone and packaged policies –...
Cyber Insurance for Small Business Cyber business risks and privacy events are a top threat to businesses of any size and industry. Start your journey with us today Connect with us Webinar: Top Cyber Risk Predictions for 2024 Learn how to protect your business from evolving cyber threats. ...
How Much Does Cyber Insurance Cost? Many small businesses can buy cyber insurance for about $1,740 per year.1Thepremiumyour company will pay for a policy depends on several factors, including the size and nature of your business, the amount of sensitive data you handle, and the security mea...
The amount and sensitivity of data will also impact the cost of cyber insurance. For example, local businesses with a small customer base will pay less than hospitals with large amounts of sensitive personal and health data. These companies will need third-party coverage in case customers blame...
Traditional cybersecurity and insurance providers have struggled to meet the specific needs of SMBs, failing to offer cost-effective solutions tailored to their requirements, according to Thom Dekens, chief business officer and general manager, At-Bay Security. Article UK Conservatives Say 'No' to...
Greater resources also give large businesses a better chance to keep cyber defenses up to date and to detect a cyberattack early enough to stop before it does excessive damage. Unless a small business is willing or able to devote similar resources to its own network, cyber insurance is a sou...
Any size business with cyber insurance knows what they do and do not need. How do they know? Let Backblaze help you.
“What [cyber insurance] does is allow small businesses to gain access in the community of pre-breach and post-breach response services,” said Meghan Hannes, cyber, technology and E&O product head atHiscox. “It gives [business owners] access to vendors which they have to find on their own...