SME Cyber Update

A new Cyber survey by GlobalData, one of the world’s leading intelligence agencies, has revealed that many UK SME’s remain uninsured against cyber attack risks - despite increasing concerns.

The findings of the 2021-2022 UK insurance survey highlighted a rise in businesses reporting risks, with 32.7% stating that their concern around cyber-attacks “increased” or “significantly increased” compared to 30.7% in the previous year.

GlobalData Senior Insurance Analyst attributes the slight increase to notable recent cyber-attacks against Revolut and Holiday Inn in the past month. Although these attacks were not on SME’s, such prominent attacks are reported in the media and therefore raise awareness amongst the whole business community - anyone can be targeted and cyber attacks cause massive disruption to operations and reputation.

There’s also the fear that if larger businesses, who are more likely to have robust IT systems and dedicated teams in place can fall victim to an attack, it is likely to be easier to attack an SME without those dedicated resources

However, despite the increase in concerns over a potential cyber attack, many SMEs continue to be uninsured, with only 56.2% of medium businesses, 40% of small businesses and 16.8% of micro-businesses holding a Cyber Insurance policy within this year.

As a broker, we inform all our clients of the threats they face and the cover available to them at each renewal. We now receiving requests to help organisations who are not currently Wilsons clients to address their Cyber concerns, as many in the industry are still failing to highlight the importance of Cyber Insurance to their clients - or provide a cost effective solution.

If you don’t currently have a Cyber policy in place and would like to understand the risks to your business and the cover available to you, just get in touch with Charlotte Perkins at [email protected], call on 0115 942 0111 or connect on LinkedIn