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If the electrical connections are still intact, you can use some glue or tape to stabilize it, to prevent it from breaking further.
To prevent it in the future: always pull cables out by the plug, never pull on the cable itself.
Glue on the wires? Yes they still make contact
Also, an extension cable might help, depending on what is causing the wear. Not sure it applies in your case though (at first I thought it was a headphone cable plugged into a laptop, but looking closer it's looking more like a phone).
Bluetooth might be another option, if it's in your budget. I'm loving my Bluetooth bone conduction headphones.
For example, a big glob of hot glue in and around the affected area.
Glue will insulate and help mitigate more breakage.
I usually just use good electrical tape. Sometimes I splint broken cables with a couple plastic floss sticks, too.