In 2021, 40% of small and 60% of medium businesses suffered a cyber security breach, and yet only 15% of small and medium sized businesses purchased cyber insurance in the same year.
Keith, Commercial Account Executive, discusses the danger of cyber-attacks for SME’s and the often unknown ways that cyber insurance can help to protect your business.
In 2021, 40% of small and 60% of medium-sized businesses suffered a cyber security breach. Despite these large, and rising, figures, only 15% of small and medium-sized businesses purchased cyber insurance in the same year.
The potential impact of a cyber breach on a business cannot be underestimated. While large corporate organisations often have large amounts of investment in cyber security and staff training, this is not always the case for SMEs. This is where cyber insurance comes in.
A good cyber policy covers a range of scenarios including:
- Lost Income
- Ransom Payments
- Insurers who will negotiate with cyber criminals on your behalf
- Cost of collating information and noticing authorities of a breach
- Legal representation
To discuss how cyber insurance could help to manage the risk to your business, give us a call on 01270 758070 or contact us.
