Surprising Facts About Cyber Liability Insurance

By: Navinn Khumar

Fact #1: Only a small fraction of small businesses have cyber liability coverage, yet over 60% have experienced a cyber attack.

Fact #2: Only a small fraction of small businesses have cyber liability coverage, yet over 60% have experienced a cyber attack.

Fact #3: Cyber insurance can cover ransom payments, a rarely discussed but vital benefit in today’s digital hostage situations.

Fact #4: Most policies offer 24/7 crisis management services, helping businesses react immediately to breaches.

Fact #5: Cyber attacks are considered an act of war; however, most policies exclude acts of war, leaving a critical gap in coverage.

Fact #6: The cost of cyber insurance has skyrocketed by 30% in the past year alone due to the increase in cybercrime.

Fact #7: Insurers use AI to assess risk levels and determine premiums, a little-known yet fascinating application of technology in insurance.

Fact #8: Data breach laws vary by country, impacting how cyber liability insurance is applied globally.

Fact #9: Coverage extends beyond hacking to include lost income due to network downtimes.

Fact #10: Social engineering scams, like phishing, are also covered under most cyber liability policies.

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