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May 12, 2025

How to bullet-proof your company against cyber threats

By David Gash

Cyber threats are a fast-evolving business risk that many companies remain unprepared for.

Since 2023, we’ve seen business interruption losses increase 72%, litigation settlements increase 74%, and a high frequency of ransomware events. With cybercriminals using adaptive AI algorithms and increasingly sophisticated techniques, Maine businesses face an urgent need to plan for cybersecurity threats. Robust IT defenses are critical, but true protection also means being prepared for when a breach occurs.

Photo / Courtesy of Paquin & Carroll Insurance
David Gash is a commercial account executive at Paquin & Carroll Insurance

Businesses must now seek insurers who are not only experienced but proactively engaged in understanding the evolving risk landscape. If your insurance partner is only basing coverage on yesterday’s threats, your business could be dangerously exposed. So how do you make sure you’re covered?

Cyber insurance goes the distance

Many businesses rely on managed service providers to handle cybersecurity operations like firewall management, multifactor authentication, data backups, and network monitoring. These are vital services, but they’re not enough on their own.

When looking for a policy that fits your needs, consider comprehensive cyber insurance. It covers a growing list of damages related to cyber-attacks, including ransoms, loss of income, cost to retrieve stolen data, reputational harm, expert legal counsel, social engineering, phishing, funds transfer loss and personal financial loss for senior executives.

Choose a cyber insurance provider who is doing more than just writing checks — they should make sure their coverage offerings address growing and evolving cyber threats.

Be wary of AI-driven threats

The cyber threat landscape is changing dramatically, especially with AI’s ability to learn and adapt in unpredictable ways. Attackers now use generative AI to create phishing emails that require frequent employee training to identify. AI-driven malware can adapt mid-attack to bypass your defenses. Deepfake audio and video are often used for social engineering.

This is why it’s critical to choose a cyber insurance provider who is actively studying these developments and can adapt to emerging technologies and threats.

Ask potential providers if they’re tracking generative AI risks. Do they understand how to cover data privacy violations caused by cyber-attacks? Do they offer professional counsel on regulatory changes, and forensic investigations to ensure a managed service providers is adequately protecting you after a breach? If not, keep looking.

Dig into risk management

When evaluating cyber insurance providers, don’t stop at coverage limits or premium costs. Go deeper. Cyber insurance should be more than just financial protection; it should be seen as proactive risk management. Some questions to consider when evaluating a cyber insurance policy include:

  • What specific threats are covered?
  • What are the insurer’s prerequisites for coverage? Most require a managed service provider.
  • Does it provide legal guidance in the event of a breach?
  • How does the insurer respond to an emerging threat, mid policy term?
  • Does it cover cyber deception?

A good insurance partner will walk you through these scenarios and tailor your policy to your business’s specific risk profile.

Cyber insurance is not a one-size-fits-all policy. A forward-thinking insurer will not only insure you, but they’ll educate you, prepare you and evolve alongside AI.

Maine businesses, no matter how big or small, are not immune to cyber threats. In fact, attackers often see small- to mid-sized businesses as easier targets who are more likely to pay up. That’s why a good insurance plan is crucial.

Start with a proactive managed service providers who can help build your digital defense. Then, invest in a cyber insurance partner who understands where cyber risk is going, not just where it’s been.

In this new era of AI-driven threats, forward-thinking cyber insurance isn’t optional. It’s a business necessity.

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