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Small and medium-sized enterprises (SMEs) are under cyberattack. According to another report, one in three SMBs globally faced downtime exceeding 24 hours after a cyberattack. At the same time, over half lacked dedicated IT security staff. The cumulative effect of these risks has made cyber resilience an urgent priority for smaller organizations.
A QBE Hong Kong SME Cyber Risks Survey found that 46% of SMEs experienced at least one cyber incident in the past year, with average recovery costs surpassing USD 100,000. Industry-wide data paints an even sharper picture. A Hiscox report found that 59% of SMEs suffered a cyberattack in the last 12 months. That includes 27% hit by ransomware. Coalition’s cyber claims data showed an average ransomware claim cost of $353,000 in 2025, up 68% year over year. Meanwhile, average ransomware downtime reached 21 days, according to industry analysis. A VikingCloud study found that 53% of SMBs experienced operational disruption, and 1 in 5 said a successful attack could force closure.
Expanded SME Cyber Insurance
Amwins’ new Cyber+ cyber insurance policy enters this high-risk environment with a mission to give SMEs both stronger financial protection and proactive cyber defense capabilities.
Cyber+ introduces SME-focused enhancements, including:
- $500,000 coverage for social engineering and invoice manipulation fraud
- Breach costs outside policy limits, up to $4 million
- $1 million additional defense costs
- Full hardware bricking coverage and “pay on behalf” event management
Matt Donovan, Executive Vice President at Amwins, said the product directly addresses market pain points: “With social engineering losses climbing, insureds have faced restrictive policy language and inadequate sublimits,” Donovan said. “Cyber+ simplifies coverage, removes common exclusions, and doubles typical limits. It’s designed to restore confidence for brokers and small businesses navigating a tough cyber market.”
Built-In Cybersecurity and Breach Response Services
Cyber+ pairs its financial coverage with Upfort Shield’s cybersecurity suite and Mullen Coughlin’s legal breach response services. Policyholders gain access to browser firewalls, inbox threat detection, and employee training, empowering SMEs to prevent and mitigate attacks more effectively.
John Grise, Executive Vice President at Amwins, said Cyber+ represents a step forward in accessibility and foresight, “Cyber+ meets today’s SME challenges while anticipating tomorrow’s threats. It delivers large-scale protection and response tools in one seamless policy,” Grise said.
Available exclusively through Amwins IQ, Cyber+ offers bindable quotes in minutes, giving retail brokers and SME clients a fast, streamlined path to cyber coverage.
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