Small businesses are rushing to purchase cyber liability coverage after a wave of ransomware attacks targeting firms with fewer than 100 employees. Premiums have stabilized after years of double-digit increases.
Carriers now require baseline security controls including multi-factor authentication, endpoint detection, and regular backups before binding coverage. Policies typically cover ransom payments, business interruption, and breach response costs.
Industry experts recommend small businesses also invest in employee security training, as phishing remains the leading attack vector for successful intrusions.
