Cyber Insurance is Your SMB’s Operational Safety Net: A Readiness Mandate
By Dara Gibson, Cybersecurity Readiness Advisors For small and midsize businesses (SMBs) across Arizona and the nation, the question is no longer if you will face a cyber incident, but when . As technology advisors, we see the data daily: attackers view SMBs as "easy entry points" into supply chains and for direct financial gain. Cyber insurance has transitioned from a luxury to an operational necessity. Attackers target SMBs precisely because they often lack the resources of large enterprises. A staggering 43% of all cyberattacks target small businesses. The financial fallout from a successful breach is severe: the average cost of an incident for companies with fewer than 500 employees is nearly $3 million. Without a critical financial safety net, nearly 60% of small businesses that suffer a significant cyber event close their doors within six months. Your existing general liability or property policy will typically not cover these digital losses. A dedicated cyber insur...