Embroker’s 2023 Cyber Risk Index Report is here.
Prioritizing tasks is one of the most difficult things a business owner can do. But, especially for startups, juggling future risk with today’s financials and day-to-day work is incredibly difficult. It is difficult to build a business. Unfortunately, it can be vulnerable. With new risks emerging daily, it’s hard to know which to tackle first. Cybersecurity remains one of the biggest for businesses, but many haven’t seen cyber protections as necessary for running their business. Until now.
Outside influences such as boards, investors and new risks such as AI have forced entrepreneurs to purchase coverage for their businesses regardless of how they personally view the risks. Founders are realizing there’s no such thing as too much insurance, especially when it comes to protecting themselves from cyber threats.
How do we know this? We surveyed VC backed startup founders in order to understand their views on cybersecurity, and what factors influence their decision when selecting cyber coverage for their business. Reflecting on last year’s findings, it’s clear founders are more aware of their risks and are prepared to combat them with cyber insurance policies.