SMEs more likely to purchase cyber cover since pandemic

September 28th, 2020 – Data and analytics company GlobalData has recommended that insurers should increasingly focus on larger small and medium-sized enterprises (SMEs) following the COVID-19 outbreak.

cyber-securityAnalysts found that 8.5% of SMEs said they were more likely to purchase cyber insurance since the start of the pandemic, and among medium-sized SMEs this figure rose to 33%.

This data shows that a third of medium-sized businesses are currently a perfect target for insurers and brokers, following the uptick in cyber incidents over the last few months.

However, the vast majority of sole traders (88%) said their likelihood of purchasing cyber cover had not changed, meaning they should be less of a target for cyber insurers.

More…https://www.reinsurancene.ws/smes-more-likely-to-purchase-cyber-cover-since-pandemic-globaldata/

Written by Reinsurance News