Does my small business need cyber insurance?

Cyber insurance fills gaps that general liability and property insurance typically exclude. Most standard business policies do not cover: data breach notification costs, ransomware payments, cyber extortion, digital asset restoration, or business interruption from a cyberattack.

The question of whether you need it comes down to your exposure:

• Do you store customer data? ... Names, emails, payment info, health records. If yes, a breach creates legal notification obligations and potential liability.
• Do you accept online payments? ... PCI compliance requirements and payment fraud exposure are real costs.
• Is your revenue dependent on your website or digital systems being online? ... Downtime coverage can offset lost income during an incident.

For most businesses with an active digital presence, the cost of a single incident without coverage exceeds what several years of premiums would cost. The more data you hold and the more revenue-critical your digital systems are, the stronger the case for coverage.

Before purchasing, do a gap analysis of your current coverage and compare it against the risks covered in your industry. Our Digital Risk Assessment can help you identify your specific gaps.