Biggest Myths Around Cyber Insurance

Debunking Myths About Cyber Insurance - High Wire NetworksCyber attacks are continuously evolving, and companies that don’t stay educated about the space could be caught off guard, experts say.

“A lot of times, I think cyber has this type of mentality that it’s not going to happen to me,” said Luis Gazitua, principal at JAG Insurance Group, on this episode of the Insuring Cyber Podcast.

However, that’s a misconception that businesses need to avoid as cyber losses mount, he said.

“Cyber specifically is one of those things that could take down your business,” he said. “It’s one of what I consider the biggest unknown losses.”

This is particularly true for small businesses, despite misconceptions that they won’t be targeted without as large of a footprint as bigger firms.

“Small businesses are the ultimate low hanging fruit,” he said. “It’s more likely that a cyber attack would shut them down indefinitely.”

However, many firms — especially in the small or mid-sized space — may be worried that they can’t afford cyber insurance.

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