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October is Cybersecurity Awareness Month, making it a timely opportunity to look beyond preventing cyberattacks and consider another important part of managing cyber risk: cyber insurance readiness.

Cyber insurance can provide an important financial layer of protection if an organization experiences ransomware, a data breach, business interruption, or another covered cyber incident. But it's important to note that obtaining coverage isn't simply about purchasing a policy.

With October being Cybersecurity Awareness Month, it's a good opportunity for organizations to step back and ask a practical question: Are we investing our cybersecurity budget in the areas that matter most?

For small and mid-sized businesses, that question is particularly important. Cybersecurity budgets aren't unlimited, yet the number of products, platforms, threats, and compliance obligations continues to grow. Add the rapid adoption of AI and an increasingly complex threat landscape, and it can be difficult to know where to start.

October is Cybersecurity Awareness Month, providing organizations an important opportunity to evaluate their security posture in the face of a rapidly evolving threat landscape.

AI is transforming the way organizations operate. From improving productivity and accelerating decision-making to enabling new customer experiences, businesses are embracing AI at a remarkable pace.

Unfortunately, cybercriminals are doing the same.

AI is making cyberattacks faster, more sophisticated, and significantly easier to execute. Threat actors can now generate highly convincing phishing emails in seconds, automate reconnaissance activities, create realistic deepfakes, and identify vulnerabilities at a scale that was previously impossible. As a result, the security measures that may have been sufficient just a few years ago are no longer enough.

We've entered an era where cybersecurity leaders are being forced to rethink some preconceived notions.

In 2025, there was encouraging news: organizations were beginning to reduce the cost and impact of cyber incidents through greater use of security automation and AI-powered tools. It appeared defenders were finally gaining ground.

Fast forward one year, and the landscape has changed dramatically.

According to IBM's 2026 Cost of a Data Breach Report, AI-driven cyberattacks increased by 56% year over year, while the global average cost of a data breach climbed 12% to nearly USD $5 million. AI-enabled breaches now cost organizations approximately $1 million more than the average breach.

The message is clear: cybercriminals are rapidly adopting AI, and they are moving at machine speed.

In today’s digital age, businesses and individuals alike are increasingly reliant on technology. While this brings numerous benefits, it also exposes us to a growing array of cyber threats. From data breaches to ransomware attacks, the potential risks are vast and can have devastating consequences.

According to the 2024 Cost of a Data Breach Report released by IBM, there was a 10% jump in the average cost of a data breach worldwide as compared to the previous year, at a staggering $4.88 million USD. The worst part is the negative domino effect this can result in. The report further states that more than half of the organizations surveyed said they are passing the added costs onto their customers, thus leading to a widespread increase in good and services all around. Having cyber insurance can help offset some of those costs incurred as a result of a data breach, thus minimizing your downtime and potentially avoiding the need to defer these costs to the customer. 

Let’s explore in more detail why having cyber insurance is crucial in this generation.