IT Providers' Secret Weapon High Limit Coverage
Real-World Examples and Statistics
Consider the case of a mid-sized IT firm that suffered a significant data breach, resulting in a lawsuit that could have bankrupted the company. Thanks to their high limit coverage, they were able to cover the legal costs and settle the claim without severe financial strain. According to a report by IBM, the average cost of a data breach in 2023 was $4.45 million3. This statistic underscores the importance of having adequate insurance coverage to manage such risks effectively.