The average cost of a cyber-attack on a small business is an eye-watering £25,736.
That’s a drop in the ocean to a large multinational corporation, but it’s a potentially business-
threatening amount of money to an SME, microbusiness or sole trader.
No matter how prepared for a cyber-attack you are, having to deal with the consequences of one is
expensive and time-consuming. And with the likelihood of succumbing to a hack, security breach or
ransomware attack increasing day by day, making sure your business can recover if the worst
happens should be top of your to-do list.
Cyber liability insurance helps you get back on your feet. It covers the cost of repairing, replacing and
restoring systems, websites and data following a breach or hack. It also covers the legal costs of
telling regulators and customers what’s happened, and pays for reputation-saving PR help to limit
the damage. Most importantly, it covers your lost revenue if a cyber-attack stops you trading.
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