The Source for Cyber Insurance News, Insights and Data
Despite rising cyber threats and AI adoption, Singapore’s cyber insurance uptake among SMEs is on the decline. A recent QBE report found that just 36% of Singapore’s SMEs report having any cyber coverage, down from 38% last year. At the same time, cyber incidents rose, and awareness of cyber risks fell from 47% to 40%. … Read more
Onda, a Lloyd’s-backed cyber MGA, has unveiled Onda X, a new cyber insurance product tailored for mid-market firms across the UK and France. Targeting companies with annual revenues between £100 million and £1 billion, Onda X offers primary and excess coverage limits up to £5 million to protect against cybercrime. As noted in the press … Read more
SMEs Struggle to Keep Up with Cybersecurity Standards Small and medium-sized enterprises (SMEs) in the European Union are falling behind larger organizations in cybersecurity, according to a new report by Marsh in collaboration with the Federation of European Risk Management Associations (FERMA). The report, Why the Cybersecurity Gap Between SMEs and Large Organisations Matters, reveals … Read more
Small and medium enterprises (SMEs) vastly underestimate their risk of cyber-attacks, leaving them vulnerable due to low cyber insurance adoption, according to a new report from the Association of British Insurers (ABI). Despite making up 99% of UK businesses and generating over £2.6 trillion in turnover, SMEs remain under-protected from cyber threats. The ABI’s report, … Read more
Senators Shelley Moore Capito (R-W.Va.) and John Hickenlooper (D-Colo.) reintroduced the bipartisan Insure Cybersecurity Act to safeguard small businesses against rising cyber threats. According to Accenture’s Cybercrime study, nearly 43% of cyber-attacks target small businesses, yet only 14% feel adequately prepared despite spending between $826 and $653,587 per incident. As many know, 95% of breaches … Read more