As consumers and businesses embrace technology they are revolutionising the way they communicate. They are becoming more reliant on computers and social media and the insurance industry is using more data sources. We need to ensure that data protection and ownership are given greater consideration.
SMEs might believe that because they are small, they will not be a target for hackers, however that may make them even more of a target.
They often have less cyber security in place than large organisations making them easier to attack. SMEs are also often part
of a supply chain with larger firms and so present a back-door into bigger organisations with more sophisticated cyber security in place.
The Government’s Cyber Essentials scheme aims to provide a platform of cyber-hygiene that firms can build upon, reducing their risk of attack.
Now more than ever, it is essential for businesses to have suitable cyber protection insurance.
The DCMS6 Cyber Security Breaches Survey 2020 suggests that around three in ten businesses (32%) and as many charities (30%) report being insured against cyber risks in some way.