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.

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