Cyber insurance can help save a business from major legal consequences by protecting it from risks associated with cyber attacks, including data breaches. Small businesses are especially susceptible to cyber attacks, with the average cost of damage resulting from such an attack being greater than $25,000. By utilizing cyber insurance with various coverage options such as first-party coverage, liability coverage, or errors and omissions coverage, a business can remain protected from breaches and acts of theft.
Key Takeaways:
- Cyber attacks, including data breaches, can really harm a business’ reputation and result in legal consequences.
- Cyber insurance with various coverages such as first-party, liability, and errors and omissions coverage can protect a business from breaches and theft.
- Cyber insurance is beneficial for any company that stores important data online.
“Small businesses are vulnerable to cyber attacks because they’re more unlikely to be equipped to handle them, so it’s wise to seek out some protection in the form of insurance”
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