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Why Cyber Liability Insurance is Essential
For contractors, the consequences of a cyber attack can be severe. Not only can it disrupt operations, but it can also lead to legal liabilities if client data is compromised. Cyber liability insurance helps mitigate these risks by covering costs such as legal fees, notification expenses, and even ransom payments in the event of a cyber extortion attempt. With the average cost of a data breach reaching $4.24 million in 20211, having insurance is a prudent investment.