Is Cyber Insurance Worthwhile?

In 2020, daily ransomware attacks increased by 50%. 66% of small and mid-sized businesses fell victim to at least one cyberattack last year. 60% of those attacked go out of business within 6 months of a data breach or hack. By 2028, SMBs may be putting 5-20% of IT budget towards preventing cyberattacks against them. Most policies don’t cover physical property, long-term losses, or loss of intellectual property. Despite these gaps, most companies see cyber insurance as worth their while.