Guest Post from Apex Insurance
Cybercrime is a borderless problem, where criminal acts are committed online by using electronic communication networks and information systems, but industry experts at Apex Insurance estimate that just 10% of Irish SMEs currently have financial protections in place to rely on in the event of a cyber-attack. However, the financial experts believe that this figure is likely to double, to 20%, over the next 12 – 24 months, as a combination of greater awareness of the prevalence of cybercrime, and a recognition of commercial considerations around business development, drive more and more businesses to take out some form of insurance.
Apex Insurance say that aside from the business risks inherent in not protecting data and information, companies and organisations that do not have cyber insurance cover in place, will increasingly see themselves precluded from doing business with larger organisations that are now insisting on partners and suppliers who have adequate cover in place.
Theo Hoare, Managing Director with Apex Insurance explained,
“A key driver we believe will have a big impact on the market are the tender requirements from large…
