Resilience isn’t just a buzzword. For businesses managing cyber risk, resilience means clear plans, trained teams, updated systems and constant vigilance, because while no strategy can guarantee complete protection, those that stay proactive can prevent breaches and bounce back faster when they do occur.
The cost of cyber risk
Cybercrime can hit businesses of all sizes, and the costs can add up quickly.
| Business revenue | Average breach costs |
|---|---|
| Less than $1 million | $120,000+ |
| $1 million - $10 million | $250,000 - $400,000 |
| $10 million - $50 million | $600,000 - $1.2 million |
| $50 million+ | $1.5 million+ |
Source: W&S Underwriters
These costs typically include:
- Legal fees and regulatory fines
- Customer notification and credit monitoring
- IT forensics and data recovery
- Ransom or extortion payments
- Lost income from business interruption
- Reputation management and PR support
Facing these potential expenses makes it clear: preparation isn’t optional. Businesses need to be ready before an attack ever occurs. Fortunately, with the right mix of planning, security, technology and insurance coverage, businesses can increase their resilience, so a cyber incident becomes a setback, not a shutdown.
Resilience begins before an attack happens
Preventing cyber threats isn’t about reacting after the fact. It’s about building strength before trouble arrives. The following practices can help you stay prepared and minimize your risk.
Have a plan before you need one
Don’t wait for a breach to make a plan. Have a clear incident response plan in place with well-defined roles and communication steps to reduce downtime and chaos.
Stay prepared
With fast-changing technology, security is a moving target. Regular training, system updates and threat monitoring help your team stay sharp and ready.
Know your risks
Phishing, ransomware and weak controls aren’t hypotheticals — they’re daily realities. With proactive measures such as employee training, detection tools and regular audits, you can mitigate risk and prevent attacks from escalating.
Defend your data, layer by layer
Leverage trusted frameworks, test often and keep systems patched and updated to stay ready for the latest scams. Tight permissions, strong passwords, multi-factor authentication and encryption go a long way to maintaining secure systems.
Spend where it counts
Cyber insurance can protect business continuity to prevent downtime or worse — closure — in the event of a data breach.
By combining people, processes and technology, businesses create defenses that make them harder targets — and better prepared to respond when attackers do break through.
Coverage only matters if it covers what counts
Even the best defenses can fail. That’s where cyber insurance steps in. Coverage won’t replace a strong security strategy, but it cushions the blow when a breach happens.
Comprehensive cyber coverage may cover:
- Breach response costs such as legal fees, investigation costs, customer notifications and credit monitoring
- Business interruption compensation for lost income and ongoing expenses
- Data recovery and restoration of compromised systems
- Ransom, extortion payments, and costs from manipulative social engineering or fraud losses caused by criminals tricking people into sending money or revealing credentials.
- Third-party liabilities like regulatory defense, payment card penalties or even media liability
Choose the right coverage
Different businesses have different risk levels and needs. Work with an experienced Highstreet Insurance agent to determine if a standalone policy or coverage bundled with your general insurance best fits your needs.
Prepare for the application process
Be ready before you apply for
cyber coverage
In addition to basics about your business and operations, your agent may need additional information to tailor your coverage. Start gathering the information you’ll need with our quick guide: Starting your cyber insurance application off smart.
Questions to ask your agent
To get a deeper understanding of your coverage options, ask your Highstreet agent:
1. What types of cyber incidents are covered and not covered?
Make sure you understand if the policy protects against things like ransomware, phishing, data breaches or wire transfer fraud, and where the gaps might be.
2. How does the policy help with business interruption?
Ask if coverage includes lost income, recovery costs or extra expenses if your systems go down after an attack.
3. What support do you provide during an incident?
Find out if the policy includes access to experts like breach coaches, IT forensics, legal advisors and PR support to help manage the fallout.
4. How does coverage extend to third parties?
Ask whether vendors, partners or cloud providers are included, since breaches often happen through outside connections.
5. How much coverage do I really need for my business size and risk?
Request guidance on limits, deductibles and whether your business should consider add-ons (like media liability or international coverage).
The bottom line
Cyber risk is a business reality, but with preparation and the right coverage, you can protect your operations, your customers and your bottom line. Highstreet helps you find the coverage that matches your risks, so you can stay focused on running your business with confidence.
