Cyber risk, or cyber risk, refers to the potential for financial, operational or reputational loss due to a cyber attack. This can include data loss, theft of confidential information, service interruption, account hijacking, among others.

Cyber risks are becoming increasingly common and sophisticated, and businesses need to take steps to protect themselves against these threats. This includes implementing cyber security measures such as firewalls, antivirus, two-factor authentication, user awareness training, regular data backups and more.

In addition, businesses may also consider purchasing cyber insurance to protect against the costs associated with a security breach. Cyber insurance can help cover the expenses of breach notification, forensic investigation, data recovery, liability and even cyber extortion.