This article is by Simon Hughes, Cowbell’s SVP, Global Distribution & General Manager UK
While complacency in the field of cybersecurity still lingers among many business owners, in the last 12 months, half of all UK businesses (50%) report having experienced some form of cybersecurity breach or attack; a percentage even higher for medium-sized businesses (70%).
Whether it’s down to a boost in cloud storage adoption, a rise in the use of software providers and vendors, or an increase in adversaries leveraging legitimate credentials as an initial access mechanism, one thing is for certain – cyber threats continue to escalate in complexity and frequency.
On the upside, the proportion of businesses with some form of insurance against cybersecurity risks has increased from 37% to 43% since 2023, a figure that rises to almost 2 in 3 (62%) when it comes to medium-sized businesses.
However, while cyber insurance is clearly more critical than ever for businesses in the UK, is insurance alone enough?
I’d argue not, and this is a sentiment small and medium-sized enterprises (SMEs) are starting to agree with too. Not only do most cyber insurance providers require some form…
