Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), released its Cyber Round-Up: Q2 2023 report, which explores insights from small and medium-sized enterprise (SME) leaders across the United States, revealing that many SME leaders with cyber insurance feel better prepared for cyberattacks than those without coverage.
Ninety-one percent of respondents with cyber insurance say their insurance provider has helped them avoid potential incidents.
Furthermore, 77 percent of SMEs with a cybersecurity strategy own a cyber insurance policy and are nearly nine times more likely to feel prepared to respond to a cyber incident. This, along with other data points, underscores the notion that cyber insurance is critical to a sound cyber risk management strategy.
“The SME market is vast and dynamic. With 33 million U.S. organizations having revenue under $1 billion, this large segment is critically important to the health of the U.S. economy,” said Isabelle Dumont, SVP of Marketing and Technology Partners at Cowbell. “As shown by this research, there is an opportunity to educate SMEs and insurance agents about the value of cyber insurance and accelerate adoption.”
The survey provided insights into which industries suffered the most cyberattacks in the past 12 months with computer hardware or software (68 percent); utilities/energy/water/telecom (61 percent) and financial services or insurance (60 percent) as the top victims.
This underscores the importance of prioritizing defending and protecting critical infrastructure, which is highlighted in the National Cybersecurity Strategy.
While SMEs are vulnerable targets for cyberattacks, they don’t have to be. By defining a cyber risk management strategy, purchasing cyber insurance and adopting cybersecurity best practices, SMEs can shore up their cyber defenses to prevent and mitigate threats. Cyber insurance can help SMEs lessen the severity of, and even prevent, cyber incidents.
To learn more about Cowbell, visit[http://] https://cowbell.insure/
