🔍 Episode Show Notes:

• Most people hate buying insurance because you pay and get nothing tangible in return.
• There's a strong dislike and distrust for insurance agents—often avoided even at social events.
• As a business owner or consumer, understanding the insurance industry can help you save money and avoid losses—especially with cyber liability insurance.
• This episode breaks down everything a cyber insurance salesman would tell you—so you can decide without the pressure.
• Cyber attacks are the fastest-growing risk, particularly for businesses.
• Most businesses (small or large) are at risk—yet many still operate without cyber insurance.
• Cyber insurance can often be purchased online without talking to an agent.
• Real industry stats:
  • Average cost of a data breach can exceed hundreds of thousands of dollars.
  • 40% of breaches target small to mid-sized businesses.
  • Many businesses don’t discover breaches until 6 months later.
• Potential losses include:
  • Loss of data
  • Business income interruption
  • Ransom/extortion payments
  • Legal and notification requirements
  • Fines and penalties
  • Reputation damage
  • Loss of clients or employees
• Third-party losses: If your breach affects your clients, you might be held liable.
• Electronic media issues: Even public records or social media could become a liability.
• Reminder: Any business that processes transactions is vulnerable to cyber threats.
• Questions to ask yourself:
  • Do you accept credit card payments?
  • Do you store client data or have a mailing list?
  • Do you have a website or loyalty program?
  • Do you use platforms like Dropbox, Google Docs, Salesforce?
• Whether you buy insurance or not, understand the real risks and make an informed decision.
• If you go without coverage ("go bare"), at least be aware of the financial risk you’re taking on.
• Either way, follow best practices:
  • Two-factor authentication
  • Regular backups
  • Secure passwords and regular changes
  • System updates and patches
• Without these, you could be seen as negligent—making you more liable if a breach happens.
• Cyber insurance providers may actually help improve your security by checking in and guiding you.
• Want more info? Consult with our team—no sales pitch, just clarity.