Because no one can protect you 100%!!
Cyber-attacks against business are increasing, SME’s believe they are not at as much risk as their larger cousins, however, according to Symantec over 30 per cent of phishing attacks in 2015 were launched against smaller SME’s and 50 per cent of all cyber attacks are targeted at SME's (Lindros, 2019). Perhaps the most important aspect of Cyber insurance for an SME is the incident response component. Larger organisations have internal resources and generally, clear plans for responding to a cyber breach and returning to a ‘business as usual’ state as soon as possible. SME’s do not have this luxury and hence must rely on their cyber insurance policy to provide this critical service. Most SME’s do not have cyber insurance, in fact, only about 15% have it (Sloan, 2019). This suggests that most SME’s are not prepared for breach response and are still exposed to the high cost of cyber incidents. It could mean the difference between staying and in business or becoming a statistic.
of consumers will no longer support businesses who lose credit/debit card information in a data breach
of businesses have cyber insurance, that means up to 85% are exposed to great risk