Survey finds over one-third of SMEs have not renewed standalone cyber cover
Coalition has found nearly three-quarters of UK SMEs have been affected by a cyber incident in the last five years.
Despite this, the insurer’s research revealed over one-third (35%) of these businesses that had standalone cyber cover no longer do.
Of those who decided against buying standalone cover, 35% said it was because they believed they had sufficient cyber cover under their wider commercial insurance policy.
The survey of 600 senior insurance decision-makers at mid-market firms across England, Scotland and Wales was completed in September.
Cyber vigilanceSome 38% of businesses involved reported being
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