The recent national and international news of the Colonial Pipeline cyber attack has prompted many businesses to look critically at their cyber security infrastructure. While Colonial Pipeline spent millions on their IT network many businesses simply don’t have those resources. Even with their robust safeguards, they still chose to pay millions in ransom in an effort to restore their data quickly. 

The average ransom paid has tripled over the last year alone, to an average of $300,000 per incident. However, the total cost of an average attack is $1.85 million. This includes the ransom cost, cost of repair, and lost revenue. 

Does that cost seem astronomical to you? Surely a small business would never incur such a high cost. Yet many small businesses are suffering from targeted cyber attacks that demand ransoms or wreck their infrastructure.

A key way to help recover from such attacks is to have Cyber Liability Insurance. This coverage helps you respond effectively to a cyber attack by covering your costs as you repair systems, recover data, pay for expert help, and settle any litigation that arises from a data breach.

Your IT team can help you find the right Cyber Liability coverage for your business.