The cost of cyber attacks is expected to hit $8 trillion in 2023.
As a small business owner, you have to be aware of the risks your business faces on a daily basis. With so many businesses relying heavily on tech to operate, cybercriminals are always hard at work trying to infiltrate networks and cause data breaches.
Of course, proper data protection has to be a major priority, but you have to be prepared for every eventuality. Having cyber liability insurance can help you cope in the event you suffer losses from cybercrime.
Today, we’ll go over cyber liability insurance cost so that you know which policy is right for you. Keep reading and learn how to protect your business in the digital age.
What Is Cyber Liability Insurance?
Cyber liability insurance is exactly what it sounds like. It’s in place to help your business recover from cyber attacks and the fallout from them. This might include responding to, investigating, and cleaning up after the event.
For instance, you may hire someone to investigate the data breach and help you understand the regulations around data breaches. You’ll also need to inform your customers and deal with public relations and crisis management. There are also expenses related to the interruption of your business, as well as marketing your business in the aftermath.
Without cyber liability insurance, you’d have to cover the cost of all these things out of pocket. On average, data breaches cost businesses between $120,000 and $1.2 million. So, how much does cyber liability insurance actually cost?
Cyber Liability Insurance Cost
The average cost of cyber liability insurance for small businesses is just $145 per month. Of course, how much you’ll pay will depend on the type and level of coverage that you need. Most small businesses pay less than $100 per month, making it an extremely affordable and worthwhile expense.
The biggest factors that affect cyber liability insurance costs are the industry you’re in and the size of your company. If you’re a tech-forward company, you’re at a greater risk of cyber attack; and if you’re a larger company, you’ve got more to lose.
You can lower your premiums by taking great measures to bolster your cybersecurity. The more you put into your security efforts-implementing various cybercrime deterrents and employee training-the less likely you are to experience a major data breach.
To get a true idea of how much you’ll need to pay for your cyber liability insurance, you’ll need to get a quote from your insurance provider.
Choosing Your Cyber Insurance Provider
You should never leave your business vulnerable to cybercrime. Cyber liability insurance cost is nothing compared to the losses you might face in the event of a data breach. Now that you know why you need this type of insurance, it’s time to tell you how to get it.
At RBP Insurance, we’ve been helping businesses protect their interests since 1960. Over the past 60 years, we’ve been able to adapt our coverage to the many new challenges that have arisen as a result of the internet and technology. Contact us today to discuss your coverage options and get a quote for your cyber liability insurance.