Third-party cyber risk is now one of the biggest threats today, according to many CISOs. Security leaders point to the fact that many of the recent major breaches have been a result of a single software supply chain vulnerability: SolarWinds, Log4j, and MOVEit, just to name a few.
In today’s digital age, where businesses rely heavily on technology and data, the risk of cyberattacks and data breaches has become a constant concern. These incidents can lead to significant financial losses, damage to a company’s reputation, and even legal liabilities. To mitigate these risks, many businesses turn to cyber liability insurance. But what exactly is the cost of cyber liability insurance, and how do insurers determine it?