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One Click Can Cost You Millions

June 11, 2025

Woman working at computer who appears to be cyber criminal. Text of Cyber Insurance over top.

Cyber Insurance

In today’s digital world, cyber threats are no longer just a concern for large tech companies, they’re a real and growing risk for businesses of all sizes and industries. As cyberattacks become more sophisticated and frequent, cyber insurance has become an essential part of any smart risk management strategy. With the right cyber insurance policy in place, your business can bounce back faster and with more financial protection after a cyber event.

What Is Cyber Insurance?

Cyber insurance is designed to help your business recover from cyber incidents like data breaches, ransomware attacks, and online fraud. It can cover costs related to:

  • Investigating and recovering from a breach

  • Notifying customers or affected individuals

  • Legal fees and regulatory fines (where applicable)

  • Business interruption losses

  • Public relations and reputation management

Why It’s in the Spotlight?

Cybercrime is on the rise, and so is the cost of dealing with it. Some fast facts:

  • The average cost of a data breach in the U.S. is now over $4.5 million

  • Ransomware attacks increased by more than 90% in the past year

  • Businesses of all sizes are being targeted, including small and midsize companies

  • Cyber insurance premiums have climbed as insurers respond to the growing risk

As a result, insurers are placing more focus on cybersecurity hygiene. Businesses may now need to show they have safeguards like multi-factor authentication (MFA), endpoint protection, and response plans in place to qualify for or maintain coverage.

What Cyber Insurance Covers?

A strong cyber policy typically includes:

  • First-party coverage for your business’s own losses (data recovery, income loss, etc.)

  • Third-party coverage if your business is sued or held liable for a cyber incident

  • Ransomware response, including payment negotiation and crisis management

  • Breach response services, like legal support and credit monitoring for affected customers

Who Needs Cyber Insurance?

If your business handles customer data, uses cloud services, processes payments, or depends on digital operations, cyber insurance is worth serious consideration.  No matter your industry, protecting against digital risk is part of protecting your bottom line.

At Robertson Ryan, we’re here to help you understand your exposures, strengthen your defenses, and find a cyber insurance solution that fits your unique needs. Whether you’re looking to supplement an existing policy or start fresh, our experienced team can walk you through every step.

Article on How to Protect Your Business

*Please note that we rely on independent sources, and recommend conducting further research or to seek guidance from a qualified industry professional, legal counsel, or licensed insurance