SMEs are a prime target for cyber criminals because they are believed to have limited resources and employ less technically aware employees than larger enterprises. Despite this, these businesses, their insurance providers and brokers are not assessing their propensity to cyber risk – although tools are available.
A recent SME Insurance Risk Survey commissioned by Crif Decision Solutions in partnership with Post has revealed some surprising findings. It would appear that many insurance providers and brokers are not equipped to accurately assess and subsequently price small to medium-sized enterprise cyber risk. Forty percent of respondents were currently using nothing to accurately assess an SME’s vulnerability to a cyber-attack.
Based on insights from Post’s SME Insurance Risk Survey, this article sheds light on:
• Why the take-up of cyber insurance among SMEs is so low.
• The perils of underinsurance.
• The biggest concerns among SMEs which may be used to help to increase appetite for cyber insurance.
• How insurers and brokers can reap the benefits of integrated risk assessment tools.