Cybersecurity Awareness Month 2023 may be in the rearview, but digital threats persist and continue to be a top risk facing today's businesses. Consider that the average data breach cost reached $4.35 billion in 2022, according to IBM, and the average cost of a ransomware attack cost $4.54 million. IMB also reports that for several years now, the U.S. accounts for the highest average cost of a data breach at $5.09 million per year. It can take months for an organization to recover from a cyber attack, which can subsequently jeopardize business operations or even a company's overall financial health. Enter cyber liability insurance, an important tool that businesses can lean on to cover both expenses and liabilities linked to a cyber attack including potential lawsuits and other exposures such as business interruption or fund transfer loss. In short, separate cyber insurance (as opposed to umbrella coverage) can be one of the most comprehensive ways that businesses can protect themselves and recover from a data breach. The slideshow above illustrates 2023's top five standalone cybersecurity insurers, according to the October 2023 issue of Best's Review. The rankings are based on 2022 direct premiums written. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
