SMEs remain underprepared as cyber threat grows

Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime.

Cyber security imageNearly two-thirds of SMEs surveyed have already been victims of a cyber incident, but the majority of firms remain underprepared with less than half of respondents believing their cyber cover is adequate.

However, SMEs that purchase cyber insurance policies show high satisfaction rates with their products: 89% say their cyber insurance is performing as expected, 86% report their cyber insurance covered the security breaches they suffered, and 68% said they were “satisfied” with their cyber cover, according to the Argo survey.

Firms with cyber insurance protection both value and use the product; 36% of respondents with cyber insurance policies have filed claims with their providers in the past 12 months, and

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