Is your ecommerce business ready for cyber liability insurance
Why Your Ecommerce Business Needs Cyber Liability Insurance
Ecommerce platforms handle vast amounts of customer data, including sensitive financial information. A breach can lead to significant financial losses, legal liabilities, and reputational damage. According to a report by IBM, the average cost of a data breach in 2023 was $4.45 million1. Cyber liability insurance helps cover these costs, providing financial support for legal fees, customer notification, credit monitoring services, and even public relations efforts to repair brand reputation.