The soaring costs of recovering from a security incident or data breach is driving interest in cyber insurance. While cyber insurance is typically viewed as a product mainly for large organizations seeking coverage and protection against state-sponsored attackers, criminals, and politically motivated hackers, it is also valuable to small and midsized companies and independent contractors.

Regardless of size, a cyber insurance policy can cover the costs of a ransomware attack or a business email compromise (BEC), business losses stemming from an outage resulting from the breach, and expense incurred in rebuilding compromised systems.