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Cyber-attacks on SMEs create an opportunity for insurers

Sep 22, 2020

The health and social work sector have been one of the most directly and heavily impacted by COVID-19

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Cyber-attacks on SMEs create an opportunity for insurers. Source: pixabay.com

GlobalData has found that the uptake of cyber insurance among SMEs remains low at just 12.7%. The report suggests insurers to target middle-market companies who at the most risk.

The pandemic has increased businesses’ reliance on technology in order to operate during lockdowns, while social distancing guidelines continue to promote home working. With this growing dependence on technology comes an increase in cyber risk. Given this, the need for cyber insurance has arguably never been higher. Traditionally, cyber insurance has seen greater levels of uptake and interest among mid-market and larger corporations, but the pandemic has accelerated the need for smaller business to purchase cover as well
Daniel Pearce, GlobalData senior analyst 

SMEs operating in healthcare, manufacturing, real estate, and education have been reported as being under increased threat.

The research indicates that cyber insurance uptake is lowest within the health and social work sector, with 25.9% holding cyber insurance coverage.

We’ve reported that the number of cyberattacks on healthcare systems will be rising since the hospitals are shifting to digitalization and remote patient care.

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