The UK Government’s Cabinet Office, in conjunction with major London insurers, released a landmark report today on how cyber insurance is essential for growing UK businesses. Cyber crime is the fastest growing risk for small businesses today, and the report shows how seriously the government is taking the problem of not enough businesses taking out cyber insurance cover. The report noted the SMEs face the highest risk of cyber crime; in one example, a small brokering business was targeted by a phishing email scam, and over £100,000 was stolen from customer accounts in ten days.
One of the major benefits of cyber insurance noted by the report was by putting SMEs with professional guidance and advice on cyber risk. Having an insurance product not only provides firms with access to cover, but also gives them access to the latest insight in how to avoid business losses in the first place. There are many aspects of cyber risk that insurers already have wide experience of tackling; for example, business interruption or brand damage. Insurance can also provide SMEs with specialist services that they will not realistically have access to themselves, such as IT security equipment or PR damage mitigation.
The report also noted that 22% of SMEs reported that they ‘didn’t know where to start’ with their firms cyber security; basically, that they knew their firm was vulnerable but had no idea of how to address it. Cyber insurance offers the best possible way for SMEs to secure their businesses and their risks are being addressed.
Get a quote today from us and see how it easy it is to protect your business from the huge costs inflicted by cyber crime.
Read the report in full here: http://ow.ly/KFLI7