Issue link: https://nebusinessmedia.uberflip.com/i/1535247
W O R K F O R M E / S P R I N G 2 0 2 5 42 C yber threats are a fast-evolving busi- ness risk that many companies remain unprepared for. Since 2023, we've seen business inter- ruption losses increase 72%, litigation settle- ments increase 74%, and a high frequency of ransomware events. With cybercriminals us- ing 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. 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 danger- ously 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 opera- tions 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 dam- ages 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 cre- ate phishing emails that require frequent B Y D A V I D G A S H Bullet-proof your company against cyber threats H o w t o P H O T O / C O U R T E S Y O F P A Q U I N & C A R R O L L I N S U R A N C E David Gash is a commercial account executive at Paquin & Carroll Insurance S PONS OR ED BY Nominate a top-notch woman executive before July 7! Do you know a woman business owner, CEO, president or top executive with an established track record of success; a woman who has been a trailblazer and a mentor to others? GO TO W W W.MAINEBIZ .BIZ/OWB25 NOMINATE THEM BY JULY 7! FOLLOW U S @M AI NEBI Z #MBOWB25