Drawing on 2026 cyber loss data, this sit-down with Heather Osborne and Stef Luhrs digs beneath headline breach costs to reveal where the real damage now sits. While large enterprises appear to be stabilising, SMEs are being hit harder - driven less by ransom payments and more by prolonged business interruption, third‑party dependencies, and slow recovery. The discussion explores the long tail of cyber incidents: human burnout, trust erosion, strained commercial relationships, and the limits of insurance in capturing reputational harm. With regulatory scrutiny rising and downtime becoming intolerable in an always‑on economy, the episode makes a clear case for faster recovery, better preparedness, and cyber resilience as a core business survival issue, not just a technical one.