Insurance · 1 December 2015

Increasing cyber crime sees more SMEs sign up to cyber insurance

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Increasing numbers of small businesses are adopting cyber insurance to protect themselves against attacks online
With the number of online cyber attacks on businesses rising, small business owners are increasingly looking to protect themselves by signing up to cyber attack insurance.

Figures released by the Office of National Statistics (ONS) revealed that between May and August 2015, over 2.5m cases of cyber-crime were experienced by UK businesses. Following the recent cyber attack on telecoms multinational TalkTalk, online-based insurer Quote Dave has witnessed a surge in companies, particularly SMEs, looking for protection online.

we anticipate the demand from SME owners only increasing over the coming months, particularly if there are one or two high profile cyber attacks on smaller firms, Quote Dave director Stuart Bennet said. In time, cyber policies will be part and parcel of business insurance just as fire and theft insurance are commonplace.


 
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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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