Cyber-crime is on the rise globally and SME businesses are at increasing risk of having a security breach or attack. Hackers become more sophisticated every year, with 39% of businesses reporting a cyber security breach in the last 12 months (2022 Cyber Security Breaches Survey), and 60% of cyber-attacks targeting small businesses.
This blog covers the main cyber threats for small businesses, the basics of cyber insurance, and the key considerations an SME should take.
A good policy provides access to technical resources — IT security experts, forensic investigators, lawyers and crisis communication specialists — who help get you back online quickly. Businesses without a cyber insurance policy face longer downtime, since an insurance provider has experts on hand to help recovery.
Without cover, if subject to ransomware you'd need to negotiate with hackers yourself, without access to a skilled negotiator. You'd also be liable for all costs associated with a data breach — reinstating data, legal costs, and business interruption costs. Cyber insurance cost for an SME varies depending on business size and the industry's vulnerability to cyber-attack.