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