Any business that collects, stores, or processes sensitive data - such as customer information, payment details, or intellectual property - should consider cyber insurance. This includes businesses of all sizes, from startups to large corporations, as cyber threats can affect anyone. For cybersecurity to be practicable, organisations must-have cyber hygiene practices and enforce regular exercises to detect threats and uncover vulnerabilities. Boards and executives should assume, for planning purposes, that they will at one point experience a cyber-attack of some type, and prepare their organisation to respond and recover with minimal damage, cost, and reputational impact.

The most common cyber risks include phishing attacks, ransomware, data breaches, business email compromise, and insider threats. With evolving cybercrime tactics, businesses must stay proactive in protecting their data and systems. Organisations should adopt a risk-based approach to continuously identify and mitigate cyber threats.

Businesses can reduce cyber risk by implementing strong cybersecurity measures, such as multi-factor authentication, employee training, regular software updates, data encryption, and incident response planning. Cyber insurance adds an extra layer of financial and operational protection in case of an attack. Boards must ensure that sufficient financial and technological resources are allocated to cybersecurity initiatives. Cyber insurance should be viewed as a complement to robust cybersecurity measures, helping to provide financial protection in the event of a breach, while also enforcing stronger security standards through insurer requirements. Comprehensive and ongoing cybersecurity education must be integrated into corporate culture.