In depth: The importance of cyber crime education for both brokers and SMEs

Small business office and cyber attack education

The potential seriousness of cyber attacks and their increasing frequency are big concerns to both brokers and their clients. Martin Friel investigates how important education around this risk can be.

Cyber has been a viable product for the best part of 20 years and, while corporates have long since adopted it as a vital part of their insurance programme, take up among SMEs is still very low considering the scale of the threat they face.

The market is rapidly maturing, policies are certainly fit for purpose, the services and cover provided are comparable to any other insurance product and costs are in the low thousands per policy. However, penetration of the SME sector has been described by

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