CFC Underwriting says the industry ‘must do better at articulating the value of this cover’
This was a very interesting survey:
Around a quarter (23%) of small to medium sized enterprises (SMEs) believe that cyber insurance is not fit for purpose, according to joint research by insurer CFC Underwriting and Biba-accredited premium finance firm Premium Credit.
The survey of 338 SME owners and senior managers, conducted at the end of last year, also found that 19% of respondents do not understand cyber insurance and a further 10% believe they cannot afford it.
Nearly two-thirds (63%) of SME owners, on the other hand, state that their organisation has never even been offered this type of cover.
A third of SMEs that have been offered cyber insurance have opted not to invest in it – many feel that their organisation is too small to be targeted, with 30% of firms that don’t have cyber cover citing that cyber security is not a big enough concern for them.
This is very true and this is why we offer a very transparent and clear policy to our customers.