Cyber insurance myths busted: what small businesses need to know for cyber risk protection

October’s Cyber Awareness Month may have heightened the awareness of digital threats, but the battle against cyber risks is far from seasonal. According to the UK government’s recent Cyber Security Breaches Survey, nearly half of all UK businesses experienced a cyber-attack last year – a sharp rise from 39% in 2022.

Ransomware attacks, phishing scams, and data breaches remain widespread, with threats becoming ever more sophisticated. The average cost of a cyber-attack is now estimated at £4,200, a figure that can devastate a small business.

Startups and small businesses, which often lack dedicated IT teams or comprehensive security measures, are particularly vulnerable. Encouragingly, a recent report reveals that 93% of startups now use cyber insurance – an all-time high – reflecting growing confidence in these protections. However, many smaller businesses remain without adequate coverage owing to persistent misconceptions.

rrelentless’ Lead Cyber Underwriter, Martyn Janes, explores and debunks some of these myths which leave businesses exposed, and examine what can be done to address them, in industry publication, Startups Magazine.

Read the full article at https://startupsmagazine.co.uk/article-cyber-insurance-myths-busted-what-small-businesses-need-know-cyber-risk-protection.

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