The risk of a cyber-attack is increasing and forms a significant part of BIBA’s 2026 Manifesto: Economic Resilience.
The statistics speak for themselves with Hiscox Cyber Readiness Report in 2025 revealing that 59% of respondents had experienced a cyber-attack in the previous 12 months, yet the Department of Science, Innovation & Technology’s (DSIT) latest survey shows that 35% of SMEs have no cyber insurance at all. Research by Broker Insights in 2025 highlighted that despite cyber incidents being front-page news less than 3% of UK businesses have specialist standalone cyber insurance.
These statistics show a real business protection gap, and that the availability of suitable cyber cover is essential to business resilience.
Graeme Trudgill, BIBA CEO says:” We believe that a strong cyber insurance market is key to building cyber resilience. There are specialist broker and insurers that have cyber solutions to protect firms and we want to highlight their expertise so that this protection gap can be closed.”
In a move to help better protect UK businesses, and building on its other successes in signposting insurance, BIBA is working with DSIT (Department for Science Innovation and Technology), to identify and include expert cyber insurance brokers in a new accredited, cyber insurance broker directory. This will help businesses to more easily access this important cover
Trudgill added: “At BIBA we know that signposting works and we already have a number of directories of specialist providers including for flood cover, protection insurance, travel medical policies and to help those in the armed forces. Our Find Insurance Service handles more than 400,000 enquires a year helping people and business get the financial protection they need. We can use this experience to bring together accredited cyber insurance specialists into a new directory that is visible to businesses and will help build UK cyber resilience.”
