Predicting the weather has come a long way—meteorologists no longer examine the clouds to determine the forecast. But they still can’t accurately predict the path of a hurricane. Does that mean watching the Weather Channel is useless? Of course not. We take steps to mitigate the effects of hurricanes by signing up for warning alerts and purchasing flood insurance.

As more and more data breaches and ransomware attacks make headlines around the world, the need for digital asset protection has become top of mind for many financial advisors and business owners. In yesterday’s post, I outlined some cyber liability insurance basics, including what may and may not be covered if your RIA–broker/dealer has its own policy. Today, I’ll dig a bit deeper into the topic, including how you can assess your risks to determine what coverage you may need so you can choose the right cyber liability policy.

You protect your physical assets from an unforeseen event by purchasing health, life, car, property, traveler’s, and even pet insurance. But what about protecting your digital assets? In today’s world, a cybersecurity breach can devastate your business and harm your reputation, so safeguarding your office from this type of attack is essential.