Most business owners are aware of common business risks like liability issues, property damage, and workplace injuries and take the necessary steps to protect against them. However, there is another risk to consider that has become quite prevalent in this digital age, cyber-attacks. Cyber-attacks are essentially unauthorized breaches of your data and your customers' data. These types of attacks are a rapidly growing threat to businesses across the United States. Luckily, cyber insurance can help.
What Is Cyber Insurance?
Cyber insurance is a type of insurance coverage that is specifically designed to address data breaches and other types of cyber-attack. It can cover things like legal fees, computer repairs, and other cyber-attack-related costs.
How Much Does Cyber Insurance Cost?
There is no one set price for cyber insurance. The price you will pay depends on your insurance provider and their evaluation of your risk level. They will look at factors like your location, your claim history, your coverage needs, and more when deciding how much to charge you. Essentially, the higher the likelihood that you will file a claim, the more you will pay for coverage.
Data breaches and other cyber-attacks are a very real risk to businesses today. Cyber insurance can offer you the protection you need so you can focus on running your business.