Is Your Small Business Protected from Cyber Threats? What Florida Business Owners Need to Know

Most business owners think of cybercrime as something that happens to large corporations — Fortune 500 companies with massive databases and high-profile targets. The reality, according to the 2025 Chubb Report "Navigating the Cyber Claims Landscape," tells a very different story.

Small businesses are now the primary target.

More than 50% of cyber claims in 2024 came from businesses with revenues under $150 million. Ransomware alone accounted for 72% of cyber claim costs in 2023–2024, and 82% of ransomware attacks targeted small to mid-size businesses. If you own a business in Florida, these numbers matter - and your standard business insurance policy almost certainly doesn't cover them.

Commercial Insurance Alert

Is Your Small Business Protected
from Cyber Threats?

Small businesses are now the #1 target for cybercriminals — and most aren't covered.

FEI & GAC offers commercial cyber insurance for Florida businesses

Most people know FEI & GAC for home and auto insurance — but we also offer full commercial insurance, including cyber liability coverage. If you own a business in Florida, the data below is your wake-up call.

By the numbers

72%

of cyber claim costs in 2023–24 caused by ransomware

82%

of ransomware attacks target small to mid-size businesses

>50%

of 2024 cyber claims came from firms under $150M revenue

Top threats facing small businesses

Ransomware

The dominant threat — locks your systems and demands payment. Can cause severe downtime, financial losses, and legal liability.

Human error

Employees clicking phishing links or misconfiguring systems are among the most common entry points for attackers.

Software vulnerabilities

Flawed updates can disrupt operations — the July 2024 CrowdStrike outage impacted millions of devices globally.

Privacy law liability

Privacy-related claims more than doubled from 2020–22 to 2023–24. Laws like BIPA and the VPPA — which allows up to $2,500 per violation — apply based on where your customers live, not where your business is. With 20 states already having privacy laws in effect, even small businesses with clients across state lines face significant multi-state exposure.

2x increase in claims 2020–2024

How to protect your business

1

Get cyber liability insurance

Covers financial and legal costs from breaches, ransomware, and data loss — and provides access to incident response services when you need them most.

2

Train your employees

Most breaches begin with human error. Regular phishing training and good cyber hygiene are your first line of defense.

3

Maintain offline backups & an incident response plan

Offline backups protect your data from ransomware encryption. A documented incident plan ensures fast recovery with minimal downtime.

4

Review your commercial insurance coverage

Standard business insurance does not cover cyber events. Ask your FEI agent to review your commercial coverage and identify any gaps.

FEI & GAC offers commercial insurance for Florida businesses

Home · Auto · Commercial · Cyber · Flood · Life · and more

Learn more

Source: 2025 Chubb Report — "Navigating the Cyber Claims Landscape" · Data reflects 2023–2024 cyber claims trends for small and lower middle market businesses.

FEI & GAC Wealth Management · floridaeducatorsinsurance.com

(813) 600-3268 · office@feipartners.com

FEI & GAC Can Help

Most people know FEI & GAC Wealth Management for home and auto insurance — but we also offer full commercial insurance for Florida businesses, including cyber liability coverage. Whether you're a sole proprietor, a small retail operation, a healthcare provider, or a growing professional services firm, we'll compare options across multiple carriers to find the right commercial coverage for your business and your budget.

Give us a call at (813) 600-3268‍ ‍

Don't wait for a breach to find out what your policy doesn't cover.