Cyber Liability Insurance Is a Must Spend for All Businesses


We’re seeing several new reports showing a spike in cyber activity. Identity Theft Resource Center (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, in its reports, says the number of data compromises in 2023 (3,205) increased by 78% compared to 2022 (1,801). Most data compromises were due to cyberattacks – from malware to phishing and ransomware.

Ransomware attacks in 2023 were up, according to Check Point Research. Ten percent of organizations worldwide have been targeted by an attempted ransomware attack, a significant increase from a total of 7% of organizations suffering the same threat in 2022.

In addition, how the ransomware attacks were executed shifted last year. “While ransomware continued to pose a serious risk, especially to smaller and less fortified businesses, a notable shift occurred with some attackers concentrating on data theft and purely extortion-based campaigns. This change in tactics is evident in two prominent attack campaigns – the MOVEit and GoAnywhere incidents. These attacks did not use traditional encryption-based ransomware; rather, they revolved around extortion, with attackers demanding payment for not publicly releasing the stolen data,” says Check Point.

Hackers Target SMBs

Small to midsize businesses are easier targets of ransomware and other types of cyberattacks due to weaker security measures than their larger counterparts. In addition, many businesses don’t have cyber protection when a loss occurs, believing they either have coverage under their General Liability policy or that hackers go after behemoth organizations only.

Without Cyber Liability insurance, the cost of a data breach or other cyberattack can be huge. There’s the business income loss from operational disruption, forensic costs to uncover the cause of the attack, remediation and recovery expenses, legal fees, regulatory fines, notification expenses to impacted third parties (customers, vendors), ransomware payments, and reputational damage.

Talk to Your Clients About Cyber Insurance

ISC offers Cyber insurance for a broad range of industries – from construction to real estate, educational institutions, healthcare, hospitality, manufacturing, nonprofits, retail, technology, transportation, trucking, and many others. Through our wholesale division, you can provide a product with policy limits of up to $3 million for data breaches, including social engineering, phishing, and ransomware. Coverage features include:

  • Event Response and Liability coverage for information privacy and network security losses
  • Data Recovery
  • PCI Liability
  • Business Interruption
  • System Failure
  • Reputational Harm
  • Cyber Extortion
  • Financial Fraud
  • Bricking
  • Preventive Shutdown
  • Cyber Crime endorsements

Get Fast, Easy Quotes with ISC

Boost your clients’ insurance protection with Cyber insurance from ISC. It’s easy to provide clients with a quote. Our platform with Relay allows you to get a quote from one or all four of our carrier partners, just on our site. Once you have access, you can log in and get quotes immediately.


*NOTE: The insuring agreement in a policy sets out the covered perils, assumed risks, and nature of coverage that the insurance company provides to its insured in exchange for the premiums paid. Thus, the terms and conditions of the policy will dictate whether coverage exists and the nature of any potential benefits.