October is Cybersecurity Awareness Month: Is Your Business Protected?

October is Cybersecurity Awareness Month, and it’s a timely reminder that protecting your business isn’t just about locking the doors at night. In an increasingly digital world, cyber threats pose real risks to every business, regardless of size. At Ansay & Associates, we believe that understanding these risks and securing the right protection early on is essential for safeguarding what you’ve built. Cyber liability insurance, combined with strong cybersecurity practices, can help your business recover from a data breach, financial fraud, or other online threats without jeopardizing your future.

The Hidden Dangers of Cybercrime

If your business uses email, stores data, runs a website, or engages on social media, you’re at risk. And these cyber risks aren’t just limited to large corporations. In fact, 43% of cyberattacks target small businesses (Cyber Security Magazine). Consider these scenarios:

• A hacker gains access to sensitive client data. Beyond financial penalties, the reputational damage could take years to repair.
• A phishing scam tricks an employee into sending money. Without proper coverage, your business could be left absorbing the full financial loss.
• Ransomware locks down your systems. Paying to restore operations could be devastating.

These are everyday realities in our digital world. Cyber liability insurance provides financial protection so you can respond quickly, minimize damage, and keep your business moving forward.

Coverage Built Around Your Business

Not all cyber liability policies are the same. The coverage you need depends on several factors:

• What kinds of sensitive or secure data does your business handle?
• How much of your infrastructure is internet- or cloud-accessible vs. local?
• How many employees have access to sensitive systems?
• What does your social media footprint look like?

Working with an insurance specialist helps ensure you get coverage that matches your actual risk. Ansay & Associates makes this part of their process.

What Ansay’s Cyber Liability Covers

Here are the kinds of risks and coverages Ansay offers to help businesses stay resilient:

• First-Party Protection: Protects against losses, including system repairs, data restoration, forensic analysis, HR support, and lost income.
• Third-Party Protection: Assists with legal fees, settlements, and other related legal liabilities if customer or partner data is compromised.
• Specialized Coverage:
   
  • Ransom Coverage: Provides protection if your business is being extorted by an outside party, limiting or blocking access to the company’s systems.
  • Regulatory Claim Coverage: Helps mitigate the cost of state and federal fines associated with data breaches found to violate disclosure and privacy laws.
  • Business Interruption Coverage: Protects your revenue stream if a cyberattack disrupts your day-to-day business operations for an extended period.

How This Fits with Your Overall Risk Management Strategy

Cyber liability is one crucial piece, but it’s not the whole puzzle. Pairing it with strong business practices, employee training, and cybersecurity measures (e.g., strong passwords, multi-factor authentication, limited access controls, backups) helps minimize both the chance and impact of a cyber security incident.

Take Action This Cybersecurity Awareness Month

Don’t wait for a crisis to expose gaps in your protection. This October is a perfect time to:

1. Audit your cyber risk: What data does your business collect, how is it stored, and who has access to it?
2. Evaluate current coverage: Do you have cyber liability insurance? Is it sufficient for the threats you face?
3. Contact us and receive a policy that accurately reflects the size, complexity, and exposure of your business.
   
   

At Ansay & Associates, we know that cybersecurity threats are constantly evolving. That’s why we work with you to ensure your coverage adapts to new risks, giving you peace of mind that your business is protected today and in the future.

Talk to an advisor today!