Do you think your business is to small for a hacker to break in and take data? Is data breach a concern for your business? Banks were said to be 'too big to fail' in 2008. Today the big risk is for hacking and crime, many small businesses believe they are 'too small to be a target'.

In August and September 2018, property and casualty insurer Chubb completed a survey with YouGov in Singapore to gauge their attitude to cyber risks.

“Some SMEs believe they are too small to be targeted by cyber criminals or any internal issues will not greatly impact them. In effect, they think they are “too small to fail”. However, every report, survey or set of statistics on cyber events tell us that all businesses are exposed, whether big or small. ” Andrew Taylor cyber underwriting manager, Chubb Asia Pacific.

“Structured risk management methods and strategies are largely nonexistent as most SME owners seek to maximise profitability and growth. I see this is an opportunity for insurance companies and brokers to better inform their clients,” he adds

Securing your small business is good for you and good for your clients. Many small businesses work for larger businesses and the supply chain is going to gather more focus. Supply chain and audit is growing in focus and companies need to start connecting their whole supply chain with an audit support function to highlight risk and correction.

Do companies know the strength of the companies within their supply chain? Especially cyber risks? Hacking small businesses can be an easy way to literally allow a hacker to walk into a larger company. Find out how, check out our Further Reading section.

Further Reading

Hacking micro and small businesses - why bother ?

Cyber Security for Christmas

Cyber crime

Date Breach

Cyber Attacks, SME's say they are immune

At Microinsurance we are focused on changing the way business insurance is developed and processed. We are insurance with an API. 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 business policies so that the cover offered fits with peoples and business needs or the actual job or process being undertaken. Making Business Insurance transactional.

tags #cyberinsurance #cyberattack #microinsurance #captive #homeinsurance

Posted in Cyber Insurance blog on Jan 31, 2019