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Cybersecurity Essentials: Cybersecurity Insurance

You have probably been approached by your insurance agent about buying cybersecurity insurance multiple times within the past few years. Cybersecurity is a real threat that has taken center stage recently as victims are no longer mega corporations, but rather small businesses that are typically unprepared and ill-equipped for a major cybersecurity event. It is now more important than ever that you have cybersecurity insurance in place to protect your organization from such an impactful and potentially devastating event.

For many small businesses, the next cyber-catastrophe is not a matter of “if”, but “when”. Cybersecurity insurance policies are becoming more common and provide various levels of coverage against damages resulting from hacking, ransomware and other malicious cyber events. Business liability due to a data breach, legal fees, data recovery fees and forensic fees are just a few of the risks covered by standard cybersecurity policies. Having adequate coverage could mean the difference between surviving a cyber event or going out of business. Most businesses insure their building and assets, and those items are typically easy to replace. Why not insure your most critical asset – your data? If you have not considered cybersecurity insurance for your business, we strongly encourage you to make it a priority.

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