Why Are Small Businesses Suffering from Steep Cyber Insurance Premiums?

Businesses looking to renew their cyber insurance for 2023 may be shocked to find out that the premium amounts for the next year's policy are exponentially higher than the current year’s. As a result of these steep cyber insurance premiums, small businesses which are unable to afford or are denied insurance are expected to suffer the most. Small businesses are generally more susceptible to cyber-attacks due to their frail infrastructure. With rising premiums, they can become even easier targets for cybercriminals.