Prepare for Cyber Threats: The Importance of Cyber Liability Insurance

Corey MacDonald, RPLU, ASLI

Vice President, Chief Underwriting Officer

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The risk of cyber threats looms larger than ever. Businesses of all sizes face potential data breaches, ransomware attacks, and other cyber incidents that can disrupt operations and compromise sensitive information. This is where cyber liability insurance comes into play, offering a vital layer of protection against the financial fallout of cyber incidents. Apogee partners with some of the leading insurers within this space to provide competitive pricing, coverage and, just as importantly, additional security services that come with the purchase of the policy that can work to prevent a claim before it even has the chance to occur.

Cyber liability insurance is designed to help organizations mitigate the risks associated with data breaches and other cyber-related events. It covers a range of potential costs, including legal fees, notification expenses, public relations efforts, and even loss of income due to business interruptions. This type of insurance is crucial for businesses that handle sensitive customer information or rely heavily on technology and yet it is still consistently overlooked or considered an “ancillary” coverage by those in the small business space.

Cyber threats are not just a concern for large corporations; small and medium-sized businesses are equally at risk. In fact, many cybercriminals specifically target smaller organizations, often because they have fewer resources to defend against attacks. We continue to see a rise in the frequency of both ransomware and business email compromise attacks. Are you and your clients prepared to handle a situation like that should they arise?

Having cyber liability insurance is not just about compliance; it’s about resilience. It allows businesses to respond swiftly to incidents, ensuring they can recover without devastating financial losses.

As cyber threats continue to evolve, so too must our approach to risk management. Cyber liability insurance is an essential tool for any business looking to safeguard its digital assets and maintain customer trust. By investing in this type of coverage, you’re not just protecting your business—you’re also ensuring that you can navigate the complexities of the digital landscape with confidence.

For more information about cyber liability insurance and how it can benefit your organization, consider reaching out to our team to discuss some of our quick quoting options. We strive for speed, accessibility and ease of use. We want to address any of your questions and have you feel more confident when it comes to cyber security. Feel free to send any submissions and questions about cyber insurance or Apogee over to info@apogeeinsgroup.com. We look forward to working with you!