Part 3: Businesses that should consider Cyber Insurance

Jeff Ryan

April 17, 2023

Final article of a 3 part series

Businesses of many types should consider transferring the risk of loss to a Cyber event if they:

Digital Way of Business: Rely on the internet or digital data to operate
Store Non-Public Information: Store sensitive customer or employee information such as Social Security numbers, medical records or other financial information.
Process Online Transactions: Those involved in frequent e-commerce or online transactions.
Cloud-Based Dependencies: Businesses heavily depend on cloud computing platforms.
Online Service Providers: Such as social media and software-as-a-service (SaaS) providers.
Regulatory Requirements: Many businesses are under compliance regulations from various government concerns.
Reputational Dependency: Any business heavily dependent on its online reputation.

Classes of business that fall under the exposures listed above include but are not limited to:

Healthcare: Hospitals, clinics, private practioners, pharmacies
Finance: Banks, insurance companies and agencies, investment firms
Retail: businesses that process customer payments and/or store their personal information.
Technology: Software, cloud computing and other technological companies that have complex IT requirements.
Hospitality: Hotels, restaurants, travel agents, and other businesses that store guests, vendor or employee information.
Education: Schools, universities, colleges that store sensitive student information.
Manufacturing: That use the internet and complex computer systems to operate.
Non-Profits and Charities: That collect and store donor information and manage sensitive information consistent with their operation.

The list of companies and classes of business that don’t have a cyber exposure in today’s day and age is shorter than those that do.

A discussion with a knowledgeable agent on the types of exposures your business might face and the potential solutions available is one of the most important considerations in today’s business environment. Consider us a partner in the effort to transfer your Cyber risk of loss.

About the Author: Jeff Ryan has been a licensed insurance agent since 1978, later becoming a full-time insurance professional in 1983. Since then, he has been the principal of The Ryan Agencies with offices in Hornell, Jasper, and Wellsville. The agencies serve approximately 15,000 clients in New York and Pennsylvania. Jeff holds numerous credentials including the Chartered Property & Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), Accredited Advisor in Insurance (AAI), Chartered Life Underwriter (CLU), and Chartered Financial Consultant (ChFC) designations. He holds a Master's Degree from the American College. Jeff enjoys writing about all things insurance and welcomes your questions and feedback.

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Auto Rates and Finger Prints: Both are Unique to You!

By Jeff Ryan • April 7, 2026

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