Thursday, 25 May 2017

Analysis: The Knowledge – cyber attacks on SMEs show downward trend

While fewer small business suffered a cyber attack in 2014, it remains a large problem

Sixty per cent of small businesses have suffered a cyber security breach, according to the PwC 2014 Information Security Breaches survey, with six as the median number of breaches suffered by SMEs.

While this was down slightly, from 64% the previous year, it shows the threat has not gone away.

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Of those affected, 45% suffered from viruses or malicious software while a further 16% were hit by a denial of service attack.

SME cyber attacks

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In an effort to build greater resilience to cyber attacks, the UK government this year launched a voucher scheme that will offer micro and SMEs up to £5,000 for specialist advice to boost cyber security and protect new business ideas and intellectual property.

“We want to help protect UK businesses against cyber attack and make the UK the safest place in world to do business online,” said digital economy minister Ed Vaizey.

Despite an increasing number of cyber liability insurance products aimed at SMEs available, cyber insurance remains a burgeoning area.

But, according to this month’s Knowledge survey, 91% of brokers are talking to their clients about the cyber threat and cover available.

Biba technical services manager Martin Bridges says: “SMEs’ insurance requirements are becoming more complex, potentially now including, among others, cyber risk and crime, working from home exposures, technological risk advances (for example 3D printing) as well as established exposures that SMEs often do not consider, such as directors’ and officers’ liability insurance.”

“This provides an opportunity for brokers to offer advice and help them manage the risks that go with it.”

Zurich Knowledge

 

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