Mitigating Emerging Cyber Threats in The US With Cyber Risk Insurance

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Frequently Asked Questions

  • What is the average cyber insurance cost for businesses?

    With the U.S. being one of the biggest targets for cyberattacks, it’s no surprise that companies are splashing out big bucks to stay protected this year – an average cost of $1,589 annually or about $132 per month! Even small businesses can be hit hard when facing a data breach; reports show they’re spending around 36k to recover from such events. Those figures increase even more ($86k on avg) if you add mid-sized firms.

  • Are cyber insurance and cyber risk insurance the same?

    Cyber insurance is also known as cyber liability insurance or cyber risk insurance. Whichever name you use amongst these three, this policy is designed to protect your businesses from digital threats such as data breaches or cyber hacks.

  • What are the two types of cyber risk insurance policies?

    You can protect your business from cyber-related risks with two types of coverage: first and third-party. First-party insurance can help with the costs associated when you experience a data breach or after being targeted by hackers. Or opt for a third party, which provides financial protection in case someone sues you due to an occurrence linked to a data breach on your watch.


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