GlobalData’s 2022 UK SME Insurance Survey indicates that almost 50% of medium-sized enterprises are aware that the cyber risks they face have increased since the pandemic. Affordable cyber cover may be the answer.
The Coalition Exploit Scoring System (ESS) uses artificial intelligence to predict the likelihood and simplicity of exploitability in newly discovered software vulnerabilities. Businesses are able to determine the most pressing vulnerabilities in their systems and fix them accordingly, saving time and resources in the process.
GlobalData’s 2022 UK SME Insurance Survey shows that many UK SMEs are aware of the increasing cyber risks they are facing since the onset of the pandemic. Medium-sized companies are most aware of the growing risks – 49.3% stated their cyber risks have increased, to some extent, since the pandemic began. This figure decreases with business size, with 36.6% of small companies, 27.0% of microenterprises, and 16.6% of sole traders indicating the same. The Coalition ESS will help businesses actively identify, manage, and mitigate some of these threats in a more timely manner.
However, according to a survey run by Datto in 2023, many of the reasons companies experience cybersecurity issues are due to human error rather than flawed defense systems. Leading reasons respondents gave for cybersecurity issues were phishing emails (37%), malicious websites (27%), weak passwords (24%), poor user practice (24%), and lack of cybersecurity training for the end user (23%) and administrator (19%). This suggests that while the Coalition ESS is a highly valuable and useful tool for businesses, user training and good cybersecurity practice should remain the key focuses for businesses when dealing with cyber threats.
Many other cyber insurance providers offer such cybersecurity services, either as a proprietary offering or through a third-party specialist, to help companies minimise these risks of human error and raise all-around awareness in the organisation.
For example, as part of Chubb’s Cyber Enterprise Risk Management insurance cover, it offers a free phishing awareness assessment and password management solution to reduce basic cyber risks. Mitigating these risks goes a long way to cutting the opportunity for cybercriminals to enter organisations’ systems, which will help insurers to keep premiums at an affordable and manageable rate.