“What, me worry?”
While this disposition worked for Mad magazine’s Alfred E. Neuman for decades, it’s not advisable for small and medium-sized enterprises (SMEs) in considering cyber insurance. Large companies, of course, are increasingly investing in cyber policy coverage to protect themselves from the financial fallout of stolen data, disrupted operations, extortion and other cyber events. The frequency of such attacks against businesses of all sizes in all sectors drives a global cyber insurance market projected to grow to $20.4 billion by 2025 compared to $7.8 billion today.
In our insurance and risk conversations with SME leaders, we see SMEs transforming with cloud, mobile, Internet of Things (IoT) and other technologies just as aggressively as the largest enterprises. In any size company, these business transformation forces, themselves can blur risk tolerance and awareness of how different cyber security incidents and outcomes affect a businesses’ bottom line, brand, employees and obligations. The blazing pace of technology, combined with many SMEs’ assumptions about insurance can sideline cyber insurance conversations until it is too late. In…
