Who Needs Cybersecurity Insurance?

April 14, 2023


Rebecca Batisto
Who Needs Cybersecurity Insurance?

In today's digital world, cybersecurity threats are a constant concern for businesses across various industries, and with good reason. These attacks pose increasing damage to you and your customers, and it only takes one wrong click to cause catastrophic damage. That's why cybersecurity insurance has become a critical component of risk management for many businesses. While all companies can benefit from the protection of cybersecurity insurance, here are the types of companies that are targeted by the attacks:

Healthcare Providers

The healthcare industry is a prime target for cyber attacks due to the high value of patient data and the sensitive nature of medical records. Cyberattacks within the industry rose 55.1% from 2019 to 2020. Healthcare providers handle vast amounts of confidential information, including medical history, payment details, and personal data. As these attacks increase, healthcare providers should take extra steps to mitigate cyberattack risks and ensure patient information security and privacy. 

Professional Services Firms

Law firms, accounting firms, consulting firms, and other professional services firms handle sensitive client information, including financial data, intellectual property, and confidential business information. A cyber attack could compromise this sensitive data. To maintain clients' trust, professional service firms should protect them against these attacks and risks. 

Insurance Agents

Insurance agents handle a wealth of client information, including personal and financial data. This data is often stored digitally and transmitted electronically, making it vulnerable to cyber-attacks. Cybersecurity insurance is vital for insurance agents to safeguard against losing important client information and keeping clients safe.


Restaurants process credit card payments, handle customer data, and manage online orders, making them a prime target for cyber attacks. Attackers can use this information to sell card information online or cause chaos in the restaurant, which could result in the restaurant closing until the problem is fixed. 

Technology Companies

Technology companies, including software developers, IT service providers, and tech startups, face unique cyber risks due to the nature of their business. They handle sensitive data, including intellectual property, trade secrets, and customer information. A data breach or cyber attack could result in significant financial losses or legal liabilities. Coverage for technology companies protects against adverse effects in the case of a cyber incident and helps them recover from potential damages. 

Retail and Wholesale Businesses

Retail and wholesale businesses handle customer data, payment information, and proprietary business information. Cybersecurity insurance is essential for retail and wholesale businesses to protect against risks like financial losses or legal liabilities and safeguard their operations and reputation.

Hotels and Motels

Hotels and motels handle vast customer data, including personal information, payment details, and reservation records. A cyber attack could result in a breach of payment information and halt hotel service. It's vital to protect against these risks with cybersecurity insurance. 

Be sure to bookmark: www.normandyins.com/blog and check back weekly to catch future posts about how to attract new customers. Normandy Insurance has evolved since 2006, becoming a top choice for agents in 22 states. Originally focused on workers' compensation, Normandy now underwrites general liability, commercial property, cyber, and yacht insurance. Preferred by independent agents for offering innovative and cost-effective coverage solutions with an emphasis on customer service.

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