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Cyber insurance–it’s a must. Here’s what to do.

Ransomware attacks are spiraling out of control. Don’t get duped into getting the wrong kind of cyber coverage.

Yes, your business needs cyber coverage now that ransomware activity and other cyber crime is going through the roof. But what kind do you need? That’s the question not enough businesses are asking themselves.

If you don’t have the right kind of cyber insurance that reflects what your business does, you could be wasting your money. There’s a big difference between getting a “bare-bones” policy and one that provides real protection.  It means choosing the right insurance company that both provides the type of coverage your business needs and has a “cyber crisis response team” to jump in on your behalf and help with recovering any ransom you have to pay to keep your business going.

And yes, those kinds of proactive policies do exist–and wouldn’t you want a response team at the ready in case of a nightmare scenario?

Cyber coverage can also be part of your overall commercial insurance policy, or it can be purchased on a standalone basis.  Which approach makes the most sense?  The answer depends on your particular circumstances.

When it comes to your cyber risks, even though your business tries to follow “Best Practices” to prevent a cyber intrusion, there is no guarantee you won’t experience a hack. So you still need adequate cyber insurance coverage to protect your business from having a devastating event that threatens your business and your customers.

Perhaps a health insurance analogy illustrates the need for cyber insurance: of course, you try to follow a beneficial approach to diet and exercise.  But you still need health insurance because a healthy lifestyle isn’t enough to guarantee that you won’t run into a serious health issue. To learn more, you can reach me at, or you can sign up for our next free webinar on this crucial topic.