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Why You Need Cyber Insurance
The primary benefit of cyber insurance is financial protection against the costs associated with data breaches, including legal fees, notification costs, and business interruption losses. According to a report by IBM, the average cost of a data breach in 2023 was $4.45 million1. Without cyber insurance, these costs could severely impact your business operations and financial stability. Additionally, cyber insurance can provide access to a network of experts who can help mitigate damage and manage the aftermath of a cyber incident.