Why is cyber insurance for SMEs a necessity? Statistics show that SMEs in particular are more vulnerable to cyber threats, and have suffered more attacks in the last year than their larger counterparts. Not only have the frequency of attacks increased, financial repercussions have too. Studies conducted by LSE have shown that just one breach could result in bankruptcy for a quarter of all SMEs in the UK, luckily finding the right cover can ensure your business is protected against these risks.
The shift to online working caused by the pandemic, has widened the scope for cyber criminals to target businesses thanks to the lack of office-based securities in place. One third of small companies in the UK have experienced an increase in online attacks, which in the last 5 years has resulted in an £87bln hit to our economy, according to a 2020 report by ITPro.
One of the most effective steps SMEs can take in improving their cyber security is increasing their awareness of risks they’re up against. That’s why alongside our extensive cover, we also offer free cyber fitness checks and provide access to over 500 cyber resources.
At Custodian we understand the passion and dedication that goes into running an SME and why finding the right cover that suits your specific needs is so important. With 95% of all cyber breaches being a result of human error, we look to help inform our clients, as well as just cover them.
If you’d like to learn more about cyber insurance for SMEs, our friendly team is always happy to provide more information and discuss the right fit for your business. Read more about our products at https://custodianinsurance.co.uk/professional-indemnity-insurance-for-smes/ , email us at info@custodianinsurance.co.uk or give us a call on 03333 448 535.
