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October 5, 2025
Agency

Why More Small Businesses Are Adding Cyber Liability to Their Policies

As technology becomes more central to daily operations, small businesses are facing new and evolving cyber risks. A growing number of businesses are having to recognize the importance of cyber liability insurance as part of their overall risk management strategy. Understanding why this coverage matters can help you make informed decisions about financially safeguarding your business.

The Rising Threat of Cyber Attacks

Cyber threats are no longer limited to large corporations. In fact, small- and medium-sized businesses have been increasingly targeted by cybercriminals in recent years. These companies may present tempting targets for hackers, as they often have fewer cybersecurity resources. Specifically, your small business should account for the following common cyber risks:

  • Phishing scams that may trick employees into revealing sensitive information
  • Ransomware attacks that can lock your systems until a payment is made
  • Data breaches potentially exposing customers’ or employees’ private information

A single cyber incident can disrupt operations, damage your reputation and result in costly legal or financial consequences.

Why Cyber Liability Insurance Matters

Cyber liability insurance is designed to help businesses recover from the aforementioned types of incidents, potentially issuing financial assistance for the following:

  • Costs accrued while notifying affected parties of a data breach
  • Legal fees and regulatory fines arising from a cyber incident
  • Expenses for restoring compromised data and systems
  • Fees for outside help, such as hiring public relations firms or IT contractors

For Virginia businesses, having this coverage may be especially important, as state laws require prompt notification of data breaches and may impose penalties for noncompliance.

We’re Here to Help

At Morgan Marrow Company. our knowledgeable and dedicated team is here to help you assess and address your cyber liability insurance needs and find the right policy for your small business. If you’re interested in learning more about available options or want to review your current coverage, contact us today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Categories: Blog, Cyber Liability Insurance

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