Do I Need Cyber Insurance?
You likely need cyber insurance if a breach, ransomware attack or outage would cost more than you could pay yourself to investigate, notify customers, restore data and defend claims.
You likely need cyber insurance if a cyber incident would cost more than your business could absorb on its own. Add up what it would take to investigate, notify affected people, restore data, ride out downtime and answer claims from customers or regulators. The FTC suggests weighing both your own costs and claims from others when you decide.
A policy helps only if it fits your exposure. Low limits, long waiting periods, broad exclusions or security controls you can't meet can leave you paying most of the loss anyway.
Before you buy, check what your property, crime, general liability and tech E&O policies already say about cyber events. Then compare cyber quotes on response services, covered events, outages at vendors you depend on, fraud and liability.
