Today’s businesses, large and small, all depend on technology: email, management software, online sales, customer data, etc. This dependence comes with a very real risk: cyberattacks. Fraud, hacking, ransomware, theft of sensitive data… incidents are on the rise, and no sector is immune.

The most common threats

Email fraud, also known as phishing, is one of the most frequent threats. An employee receives an email that appears legitimate and, by clicking on it, opens the door to fraudsters. Hacking is also widespread: intruders break into your systems to steal data, modify files, or block your operations. Ransomware is another significant threat: a virus encrypts your data and hackers demand a ransom to unlock it. Finally, data leaks—whether customer, employee, or contract information—can have serious legal and financial consequences.

Financial and reputational impacts

A cyberattack can be very costly. You have to factor in the cost of restoring your IT systems, the loss of revenue due to business interruption, and legal expenses in the event of litigation. But beyond the numbers, there is also the damage to your company’s reputation. Losing the trust of customers and partners can be even more difficult to repair than material damage.

How cyber risk insurance protects you

Cyber risk insurance is designed to cover these situations. Depending on the policy, it may include coverage for IT recovery costs, compensation for lost revenue due to business interruption, and coverage for legal proceedings or regulatory fines. In many cases, it also offers specialized assistance to manage the crisis, communicate with your customers, and strengthen your security systems.

The role of the broker

Every business has different needs. An online store does not have the same level of risk as a professional services firm. That’s why the role of the broker is essential: they analyze your activities, your technological tools, and your exposure to cyberattacks in order to offer you tailored protection.

Cyber risks are no longer a distant threat; they are part of everyday business life. Cyber risk insurance is becoming essential to protect your finances and your reputation. Talk to your broker to find the coverage that suits your situation.