Small and medium-sized enterprises (SMEs) in the UK are increasingly concerned about cybercrime. According to GlobalData’s 2023 UK SME Insurance Survey, the proportion of SMEs that are worried about cybercrime rose 3.7 percentage points (pp) to 54.4% compared to 2022. Numerous variables—including heightened tensions in the Russia/Ukraine conflict, the ongoing popularity of remote work, and high-profile cyberattacks—are to blame for this increased concern. With the goal of addressing these issues and responding to rising demand, cyber insurance provider Onda has entered the market.
According to GlobalData’s 2023 UK SME Insurance Survey, the greatest trigger behind the purchase of cyber insurance is increased remote working (25.4%). The proportion of SMEs buying cyber insurance after being the target of a cyberattack rose by 1pp to 12.6% in 2023. Additionally, there was a 2.1pp rise in SMEs seeking cyber insurance protection due to the Russia/Ukraine conflict. Furthermore, 34.3% of SMEs reported seeing an increase in cyber risks in 2023 as a result of the continuing evolution of cyber threats. These findings highlight the urgent need for cyber insurance solutions.
What was your trigger for planning cyber cover? 2022-2023
Source: GlobalData’s 2022-2023 UK SME Insurance Surveys.
Against this backdrop, Onda stands out for its streamlined onboarding process. This not only speeds up the process of getting coverage in place but also makes it easier for brokers and SME clients to receive a quote, which can involve a long process. With features such as free automated risk monitoring, ongoing risk alerts, and a 24/7 response line, Onda aims to offer a comprehensive solution to protect SMEs. These features guarantee prompt support in times of need and should improve cyber hygiene. Onda’s product provides cover for the costs of a required response, costs incurred by the company (such as business interruption), and finally the liability of paying others affected by a data breach. Onda’s entry into the cyber insurance market serves the group of UK SMEs that have to deal with the evolving threat of cybercrime. Insurance companies need to be flexible and react to the shifting environment in a world where cyber threats are always expanding and becoming more sophisticated.
In the 12 months to October 2023, 53% of businesses suffered at least one cyberattack according to the Hiscox Cyber Readiness Report 2023. This was a 5pp increase compared to the previous 12-month period, highlighting the growing threat posed to the sector. Insurers should look to incorporate cyber hygiene services and protection for their clients against the growing threat of cybercrime.
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