Cyber risk has evolved alongside technology and society’s reliance on digital tools that connect us and make our tasks easier to complete.

Where once cyber threats were seen as solely a privacy-related risk, in which employee or customer data is exposed, cyber attacks involving malware and ransomware are shutting down businesses and can cost a small company hundreds of thousands of dollars to get back up and running.

This has made cyber risk increasingly important to address, especially for small businesses that may not have the resources their large company counterparts have to combat an attack.

“The larger companies have resources that will help them detect and respond more quickly if a cyber event comes to the forefront,” said Aaron Basilius, senior vice president, cyber, AmTrust Financial Services.

Small businesses, however, almost never have a dedicated cyber team to handle risks that come their…