With large retailers such as Target finding themselves dealing with a security breach it comes as no surprise that a survey conducted by insurance market Lloyds of London, called the 2013 Lloyd’s Risk Index, identified cyber liability as one of the top risks of 2013. It should be added that small to medium size businesses are at more of a risk due to lessor safeguards, they can become easier targets. Cyber Liability was the third highest risk. This was a significant move up the list from the last time the report was completed, in 2011. “It appears that businesses across the world have encountered a partial reality check about the degree of cyber risk. Their sense of preparedness to deal with the level of risk, however, still appears remarkably complacent. Against all the evidence of the past two years, businesses believe they are slightly more able to deal with the risk …. As in 2011, we must ask again if, despite their escalating spend on cyber security, businesses are actually spending money on the right things? Cyber insurance specialists are offering increasingly integrated cyber products, including those that provide cover for data breach costs, forensic analysis and crisis public relations services in one package. While these products are highly effective in an emergency, spending money upfront on risk management – and ensuring recommendations are implemented throughout a company – might go a long way to preventing a cyber disaster before it starts.” – Lloyds of London Cyber Liability insurance coverage is an inexpensive protection for small and medium sized business that can be used in conjunction with encryption and firewalls to better protect a businesses digital records. Cyber Liability insurance provides protection from the risks associated with the use of technology, including data breaches, but policy forms are not all the same. As an independent agent, we can provide Cyber Liability insurance to all types of organizations and tailor each policy to a businesses specific concerns.