How small businesses can protect against cyberwarfare

These seven steps can help guide small businesses toward the right cyber liability coverage.

By Stephen Paulin | April 04, 2022 at 12:04 AM

Many small businesses underestimate the potential for cyber risk and have inadequate coverage (or none at all) to protect them from cyberattacks. Ransomware attacks are on the rise and are a serious threat to the nation’s economy, infrastructure and national security. In 2020, the estimated cost of ransomware attacks on both public and private institutions in the U.S. was $19.5 billion, according to a report by the U.S. House Committee on Oversight and Reform. The average cost of a data breach, IBM Security reports, increased from $3.86 million to $4.24 million from 2020-2021.

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