According to the latest research by GlobalData, figures show that SMEs in the UK are aware that they face greater cyber security risks post-pandemic, but many still remain uninsured.
The SME insurance survey, covering 2021-2022, found that there was a rise in respondents reporting risks, with 32.7% of SMEs indicating a “slightly increased” and “increased” concern towards cyber attacks in 2022, compared to 30/7% in 2021.
Despite the increase in concern, many SMEs continue to be uninsured against cyber attacks, with only 56.2% of medium businesses, 40% of small businesses, and 16.8% of micro-businesses acquiring cyber insurance in 2022.
Cyber insurance is a form of cover that protects your business from cyber threats, including data breaches, hacks, or third-party infiltration of your systems.
This protection can cover the cost of the loss of data, restoring systems, and even the loss of income.
If you would like to find out more about cyber insurance, please contact [email protected] or sign up to our free core membership to keep up to date with the latest cyber security matters and keep your business safe online.
For further guidance, support, or news on the cyber landscape, sign up for our free core membership: you will gain access to a wealth of handy resources to help keep you and your business safe.
The NEBRC is a non-profit organisation that seeks to educate, inform, and support businesses across the UK with staying safe against cyber threats through strong cyber security.