The new research into the SME market suggests the clear and present danger of cyber risks are being overlooked by many SMEs. Just 4 per cent said they had insurance cover in place to help protect them from the implications of cyber attacks, virtually no change from Spring 2015,
Further, following a period when security has been firmly in the spotlight, the new research reveals only one in twenty SMEs say they have cover in place for crisis management situations (including terrorism, ransom and product contamination).
These are some of the latest findings from Aon’s nationwide survey of 1,042 decision makers from the SME sector. Aon explored which types of insurance, if any, had been taken out by SME owners to protect their enterprises from unforeseen risks. The picture that emerged was of many of Britain’s SMEs not recognising the very real business risks posed by not having the right insurance policy in place to cover them against a range of risks – with more than one in five saying they have no insurance in place at all.
The research findings suggest businesses need to take a hard look at their exposure to a range of risks and assess whether they would be covered for potential risks such as damage to property or assets, product recalls, intellectual property theft, cyber crime or data breaches.
