Rising SME fears round cyber danger is encouraging new gamers to supply cyber cowl

Small and medium-sized enterprises (SMEs) within the UK are more and more involved about cybercrime. Based on GlobalData’s 2023 UK SME Insurance coverage Survey, the proportion of SMEs which are anxious about cybercrime rose 3.7 share factors (pp) to 54.4% in comparison with 2022. Quite a few variables—together with heightened tensions within the Russia/Ukraine battle, the continuing recognition of distant work, and high-profile cyberattacks—are accountable for this elevated concern. With the aim of addressing these points and responding to rising demand, cyber insurance coverage supplier Onda has entered the market.

Based on GlobalData’s 2023 UK SME Insurance coverage Survey, the best set off behind the acquisition of cyber insurance coverage is elevated distant working (25.4%). The proportion of SMEs shopping for cyber insurance coverage after being the goal of a cyberattack rose by 1pp to 12.6% in 2023. Moreover, there was a 2.1pp rise in SMEs in search of cyber insurance coverage safety as a result of Russia/Ukraine battle. Moreover, 34.3% of SMEs reported seeing a rise in cyber dangers in 2023 because of the persevering with evolution of cyber threats. These findings spotlight the pressing want for cyber insurance coverage options.

What was your set off for planning cyber cowl? 2022-2023

Supply: GlobalData’s 2022-2023 UK SME Insurance coverage Surveys.

In opposition to this backdrop, Onda stands out for its streamlined onboarding course of. This not solely quickens the method of getting protection in place but in addition makes it simpler for brokers and SME shoppers to obtain a quote, which may contain a protracted course of. With options reminiscent of free automated danger monitoring, ongoing danger alerts, and a 24/7 response line, Onda goals to supply a complete answer to guard SMEs. These options assure immediate assist in occasions of want and may enhance cyber hygiene. Onda’s product gives cowl for the prices of a required response, prices incurred by the corporate (reminiscent of enterprise interruption), and eventually the legal responsibility of paying others affected by a knowledge breach. Onda’s entry into the cyber insurance coverage market serves the group of UK SMEs that need to cope with the evolving risk of cybercrime. Insurance coverage firms have to be versatile and react to the shifting surroundings in a world the place cyber threats are at all times increasing and turning into extra refined.

Within the 12 months to October 2023, 53% of companies suffered at the least one cyberattack based on the Hiscox Cyber Readiness Report 2023. This was a 5pp improve in comparison with the earlier 12-month interval, highlighting the rising risk posed to the sector. Insurers ought to look to include cyber hygiene companies and safety for his or her shoppers towards the rising risk of cybercrime.