Cyber Insurance: What Every Business Needs to Know

While major cyber hacks at large companies make headlines on a regular basis, you may be surprised to learn that a majority of cyber-attacks are targeted at medium and small businesses – and often within their first year of business. If your business handles credit card or other types of personal information on your internal computer network, then cyber insurance is a necessity.
Cyber insurance policies insure liability and assets for businesses that house sensitive information on computer networks. While your general business insurance may provide a small endorsement, it likely won’t be enough to cover the full cost of the breach. The cost of a full cyber insurance plan will depend on factors including your industry, the volume of information stored on your computer network, your yearly revenue, and IT precautions already in place.
Fortunately, there is good news! Since there are so many cyber insurance companies, many of them will offer you an affordable rate. Some of the most popular companies offering insurance include AIG, Marsh, Hiscox, and Willis Towers Watson. Just be sure to do your research and look for coverages including: breach notification, credit monitoring, computer forensics, regulatory action and compensatory awards, crisis management and public relations, PCI fines and remediation coverage, cyber business interruption, hacker damage, and cyber extortion.
If you’re interested in learning more about cyber insurance and how it can be beneficial to your company, the advisors at RS&F are prepared to assist you in identifying the right cyber security partner. For questions, please email info@rsandf.com or contact your client advisor.

RS&F Summer Reading List

Traction: Get a Grip on Your Business, By Gino Wickman
There are six key components to focus on when elevating a business to success: vision, people, data, process, obstacles and traction. Learn about the “Entrepreneurial Operating System” in Wickman’s book Traction.
Outliers, By Malcom Gladwell
While this book may have popularized the 10,000 Hour Rule (i.e. it takes 10,000 hours of an activity to become an expert), Gladwell also looks at the influence of environment, chance, and other factors on success.
Practice What You Preach: What Managers Must Do to Create a High Achievement Culture, By David H. Maister
A key to an engaged, enthused workforce is the belief that their company lives up to its values – this is what positions a company for financial success. Learn from David H. Maister on what managers can do to help foster that culture.
Shut Your Monkey, By Danny Gregory
Is your inner critic keeping you from achieving your goals? Learn how to squash it with the winner of Accounting Today’s Most Intriguing Title Award.
Teach What You Know: A Practical Leader’s Guide to Knowledge Transfer Using Peer Mentoring, By Steve Trautman
Tapping into the knowledge of your employees can be difficult. This book provides tools on how to get your company to share knowledge horizontally, making each individual – and the company overall – smarter.
The Discipline of Market Leaders: Choose Your Customers, Narrow Your Focus, Dominate Your Market, By Michael Treacy and Fred Wiersema
Being a leader in one of the three “value disciplines” (highest quality, lowest prices, and best customer experience) is the key to thriving in your field. Using this book, you can explore ways to succeed and become a market leader by focusing on one of these areas.
The Future of the Professions: How Technology Will Transform the Work of Human Experts, By Richard Susskind and Daniel Susskind
This book looks at how technology is changing service firms and some alternatives that professionals may want to pursue as a result.
The Tipping Point: How Little Things Can Make A Big Difference, By Malcolm Gladwell
If you haven’t already read it, you should. This book dissects the rolls of connectors, mavens, and salesmen and how one small idea or trend can kick of major trends.
The Advantage: Why Organizational Health Trumps Everything Else in Business, By Patrick Lencioni
A whole, consistent, and complete company – a “healthy” company – will outperform those with more innovation, better strategy or smarter employees. Don’t believe us? In his latest book on organizational management, Lencioni offers a model for building a healthy environment with tips, stories and real-life anecdotes.

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