Today data breaches are so prolific it is no longer a matter ofifa network will be breached, butwhen. Spilled secrets, exposed data, damaged reputations and lost market share are just a few of the challenges awaiting the careful and the careless.

So what is the wisest course of action? Due diligence, best practices and continual monitoring: these are elements of a good risk reduction plan. However, residual risk is ever present and must be mitigated, and cyber insurance is one of the best options for risk transference. Cyber insurance is not a panacea for all cyber risks, but a tool used to assist in the management of known and unknown risk.

It is simple to buy insurance for your home or car. You contact an insurance agent that best serves your needs – “Yes, I’d like some insurance, full coverage, please and thank you.”