Insureon, a small business insurance broker based in Chicago, recently carried out a survey of 2,500 small businesses and the results show a staggering level of complacency.

When asked if they feel at risk of a cyber data breach, 82 percent of respondents said no.

Why the lack of concern? Maybe its because 58% of the respondents said, when asked who looks after IT security said "I DO"; OR perhaps its that 85% have not suffered a cyber attack; OR maybe its because 82% simply dont feel threatended from a Cyber Attack.

Should we as insurance professionals be worried? Maybe not - only 26% have cyber insurance!

Most professional security proffessionals agree that 100% of companies are at risk and, when pushed, would also agree that 100% of these same companies are vulnerable in some way to cyber attacks. Just look at the big name companies who spend millions on security yet still become the subject of headline news. Saying "Its Me" who looks after cyber security suddenly may not be such a good answer when you have to answer to your customers.

The survey by Insureon of some 2,500 small businesses - the results:

Q1. Do you feel you are at risk of experiencing a cyber attack or breach?

  • Yes: 18%
  • No: 82%

Q2.Do you have controls in place to protect yourself from a data breach?

  • Yes: 77%
  • No: 23%

Q2a. If so, what?

  • Anti-malware software: 80%
  • Anti-virus software: 89%
  • Automated data backups: 66%
  • Firewalls: 81%
  • Employee IT training: 54%
  • Spam filters: 76%
  • Automated software updates: 70%
  • Regular vulnerability scans: 71%

Q3. Have you experienced a data breach in the past?

  • Yes: 15%
  • No: 85%

Q4. Do you have cyber liability insurance?

  • Yes: 26%
  • No: 74%

Q5. Do you have customer data that would be susceptible to an attack on your business network?

  • Yes: 24%
  • No: 76%

Q6. Who manages your company's IT needs?

  • A contracted IT worker: 13%
  • A third-party IT firm: 12%
  • I have a full-time IT employee: 17%
  • I do: 58%

At Microinsurance we are focused on changing the way insurance is developed and processed. We are insurance with an API.We care about security and making sure people are able to look after their own data and assets.

We are in the forefront of that change; developing policies by the season, job, by the hour, by the day and by the Km, thus fitting our model to that of the platforms and the way small and micro businesses see risk. We are unbundling policies so that the cover offered fits with the actual job or process being undertaken.

tags #cybersecurity #cyber #networksecurity

Posted in Blog on Jul 10, 2018