Many businesses store their data on computers and the internet. While convenient for operations, it also makes companies vulnerable to cyber crime. Today, cyber crime is comparable to the 3rd largest economy on Earth. Ransomware is the most common method of attack. From 2015 to 2020, ransomware damage grew from $24 million to $170 billion.
Any company can fall prey to a cyber attack, but small to midsize businesses (SMBs) face the most risk. Last year, 66% of SMBs were the target of at least one cyber attack. 60% go out of business within 6 months of a data breach or hack. If a cyberattack gets through, businesses can lose money, productivity, privacy, and their reputation.
Cyber insurance can curb some of the fallout. Coverage includes profit losses, liabilities, and lawsuits that arise from a cyber attack. While it can’t cover everything, many businesses benefit from a cyber insurance policy.
Infographic by: clearsurance
