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.
Written by Reinsurance News
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