Save Big with Cyber Liability Insurance Quote Comparison Now
Real-World Examples and Cost Considerations
According to industry data, the average cost of a data breach in 2023 was approximately $4.45 million1. This staggering figure underscores the importance of having adequate cyber liability coverage. Businesses that fail to secure appropriate insurance may find themselves unable to recover from such financial setbacks.
Insurance providers often offer discounts for businesses that implement robust cybersecurity measures. For instance, companies that employ multi-factor authentication, regular security audits, and employee training programs may qualify for lower premiums. These proactive steps not only reduce the likelihood of a breach but also make your business a more attractive risk to insurers.