This KnowBe4 whitepaper explores the rising costs of cyberattacks and the role of cyber insurance. The average cost of a breach hit $4.88M in 2024, with U.S. losses averaging $9.36M. SMEs are particularly vulnerable, making up 98% of claims, while ransomware and business email compromise remain top loss drivers. Human error is the root of 75% of breaches, with social engineering behind 70–90% of successful hacks. Insurers now demand phishing-resistant MFA, strong password practices, and ongoing security awareness training. KnowBe4’s platform helps reduce premiums by lowering “Phish-prone” rates.

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