Cyber insurance covers the cost of responding to a data breach or cyber attack — incident response, business interruption, regulatory costs and third-party claims. Almost every business now holds data and relies on systems that can be compromised, whatever its size or sector.
Any business that holds customer data, takes payments or relies on IT systems to trade is exposed to cyber risk — not just technology firms. Attacks are frequently opportunistic, and smaller businesses are targeted precisely because their defences are assumed to be weaker.
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