Professional insurance
with a personal touch
We're here to help
0345 222 5391
Mon-Fri, 9am-5pm, local rate & mobile friendly

Cybercrime survey says SMEs aware but unprepared


We all hear a lot about cybercrime. Hacks, data theft and ransomware attacks are very much the digital flavour of the day.

Which got us thinking. We know businesses are at an ever-increasing risk of a cyber-attack, because risk is our business, and we’ve seen the figures. It’s why we offer cyber liability insurance.

It's also why we decided to conduct our own cybercrime survey, to find out how aware small businesses are of the risk. Also, how many of them have a plan of action in place for if (when?) they're hit by a cyber-attack.

Our cybercrime survey says....

We asked Opinium to help us question 500 small-to-medium UK businesses about cybercrime and got some interesting results.

Our survey revealed that a lot of you are, in fact, anxious about cybercrime. So much so that nearly a fifth of you are losing sleep over it, while a third believe an attack is more a matter of ‘when’ than ‘if’.

All apart from sole traders, that is. They appear to be largely in denial, with nearly three-quarters believing an attack is unlikely.

But even among those of you concerned about cybercrime, not many of you are doing anything about it. In fact, most of you say you’ll wait until something actually happens before taking action.

Other factors the survey highlighted as affecting small business’ degree of cyber readiness include geographical location and the age of the owner. The sector a business operates in also has a role to play.

Alarm bells

SMEs do need to wake up to the financial implications of cybercrime however, with research by Hiscox putting the average cost of an attack at not far off £26,000.

And with almost three-quarters of the businesses we surveyed admitting they have no reserves put aside to cope with the consequences of cybercrime, it might be time for SMEs to start thinking seriously about a contingency plan.

To embed this image - copy and paste the code below

Infographic by PolicyBee

Image used under license from Shutterstock.

If you liked this, you might like thesethis...

Why Amazon sellers need insurance
If you sell on Amazon and things go wrong, it's you in the firing line - not the platform. It's why you need Amazon seller's insurance.
What insurance do savvy Shopify sellers need?
Shopify insurance may not be required under their Ts & Cs. But there are plenty of reasons your business needs it. Here’s why…
7 legal obligations every new company needs to know about
As a newly incorporated company, there are certain things you need to do to stay on the right side of company law. Here's what they are.

More Advice, News & Know-how

Sign up to being prepared and protected

Get reliable advice on protecting and fine-tuning your business or charity sent straight to your inbox. Plus, receive other occasional bits we think you'll enjoy, like competitions and offers. We promise not to swamp you, and you can unsubscribe easily.

Sign me up