Within the last year, almost 16% of SMEs have been victims of a cyber-attack. This 16% equated to nearly 875,000 businesses nationwide. A staggering 21% stated that the attack cost them more than £10,000. And 1 in 10 businesses stating that it cost them more than £50,000, meaning without cyber liability insurance, this could cost the future of SMEs and force them to shut.
SMEs are becoming more of a target due to the vulnerable state they are in. As nearly half of businesses, do not have sufficient cyber liability insurance. Making those businesses become more targeted to hackers.
Businesses located in London were the most affected by these cyber liability insurance attacks, with 23% reporting they have suffered a breach in this period of time.
Despite these staggering results, SMEs do not seem to think it applies to them and nearly half of SMEs are not planning on taking more action within the next 12 months. These results show that not only SMEs but any size of business needs to take more care in their cyber liability insurance and the protection of their customers’ data.
Almost a quarter of SMEs don’t know their plan for the next 12 months or know how much they will be spending in the next year. This needs to change and people need to understand the importance of cyber liability insurance and how it can benefit their company.