How Cyber Insurance Can Help Your Company

cyber insurance

Ransomware attacks have reached record levels in the past two years. In 2020, daily ransomware attacks grew by 50%. Attacks on Colonial Pipeline, JBS, and Acer included multi-million dollar ransom demands. Experts estimate that ransomware will continue to grow, reaching $28 billion in damages by 2025. Is cyber insurance the answer?

The cost of ransomware doesn’t stop with ransom itself. Business recovery costs after an attack have skyrocketed from $24 million in 2015, to $170 billion last year. Two-thirds of small to midsize businesses fell victim to a cyberattack in the past year. Of those, 60% are likely to fail within 6 months. 

Everyday cybersecurity practices are no longer enough to protect against ransomware. Two-factor authentication and password managers can be hacked, no matter how strong your password. Many businesses are turning to cyber insurance to help cover the costs of a potential data breach. Cyber insurance can help pay ransomware recovery costs and protect your business.

<a href=””><img src=”” alt=”What is Cyber Insurance?” width=”600″ border=”0″ /></a>

CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.