Why Offer Cyber Risk Insurance In Your Security Services?

Companies are rightfully fearful of cyberattacks. Breaches, malware, bots, viruses and ransomware make regular appearances in the headlines and cost companies millions of dollars while damaging reputations and shaking consumer confidence.

Billions of accounts have been compromised in recent years, and the costs keep adding up. Companies lose customers and revenue with every attack. Each lost or stolen record costs $225 on average and each major breach means businesses lose millions (if not billions of dollars). By 2021, cybercrime-related damages could total $6 billion per year.

Well aware of the risks cyberattacks represent, many companies are investing more money than ever on their digital defenses. But just like any investment, they want a clear return on it as well. One way to protect themselves from unnecessary costs in the event of a breach despite their best efforts to prevent one is through cyber insurance.