Secure Top Broker Deals Cyber Liability Risk Solved
The Financial Implications of Cyber Liability Insurance
The cost of cyber liability insurance varies widely based on several factors, including the size of your business, the industry you operate in, and your specific risk profile. On average, small businesses can expect to pay between $1,000 and $7,500 annually for a policy2. However, these costs are a fraction of the potential financial impact of a cyber incident, making it a worthwhile investment.
Moreover, many insurers offer premium discounts for businesses that implement strong cybersecurity measures. By investing in cybersecurity training for employees, installing advanced security software, and regularly updating systems, you can not only reduce your risk but also lower your insurance premiums.