The cyber risk might still seem opaque, but there are some important points:
Almost every company today faces cyber risks. Just using Emails, hackers can steal your identity and use it to fraud your clients. Therefore impacting your third party liability.
Size doesn’t matter. A lot of SMEs think they are less sensible to cyber attacks than large businesses. And so spend less money on their cyber security. But, unfortunately, direct consequences make that they are the easiest target.
There is no infallible security system. Whatever are solutions in place in your company to protect your cyber security. Those would always have loopholes or would not resist inventive and resolute hackers. Furthermore, this is a permanently moving system with the creation of new viruses, hack schemes etc…
Check that your security system are compliant with your insurance policy. Many companies think that having Cyber Insurance exempts them from security protocols. However, never forget that Cyber Insurance come with requirements on your side to maintain your coverage.