Crime usually follows where the money leads. For the most part, this has served as the pattern of most criminal intent. What cyber masterminds have discovered is that money comes from different places and that even in the less financially endowed there is still money to be made.
For decades the rule of thumb is small and medium enterprises (SMEs) live almost on a hand-to-mouth existence surviving on very limited cash flow. As such they might seem the right target for criminals looking to make a quick buck.
But the reality is far from the truth. The Ponemon Institute 2017 State of Cybersecurity in Small & Medium-Sized Businesses report revealed that 61% of surveyed SMEs in the US and UK have experienced a cyber attack of some form in 2017, up 10.9% from 2016. The Verizon 2018 DBIR report noted that 58% of malware attack victims are small businesses.
Thankfully there is a growing list of insurers willing to take up part of the risk by offering cyber insurance risk for SMEs.
Fintech Innovation spoke to Simon Moi, head of Professional & Financial Risks for Asia at Markel International to get some sense of the cyber insurance landscape for small businesses in Asia.
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