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Real-World Impact and Statistics

The financial impact of cyberattacks can be staggering. According to a report by IBM, the average cost of a data breach in 2023 was $4.45 million¹. Small and medium-sized businesses are particularly vulnerable, as they often lack the resources to recover from such financial hits. Furthermore, the National Cyber Security Centre (NCSC) reports that 39% of UK businesses identified a cyberattack in 2022². These statistics underscore the importance of having a robust cyber liability insurance policy in place.