Cyber Security Awareness Month 2020: Understanding the latest threats SMEs and brokers face

We are pleased to present our first official NMU podcast featuring our Cyber & Financial Lines Manager, Matt Drinkwater, BSI Security and Information Resilience’s Sector Strategy Head, Austin France, and our host Ant Gould.

In the podcast, our speakers delve into the latest cyber trends impacting SMEs and how brokers can protect not only their clients, but their own businesses also. Listen to the full podcast below and read on for our updates on common misconceptions about cyber insurance and how to educate yourselves, whilst gaining certification.

Listen to our podcast

Misconceptions about cyber insurance

When it comes to cyber insurance, one of the common responses we hear from brokers and their clients is that they don’t think they need it. These instances highlight that there are undoubtedly still misconceptions in terms of the benefits cyber insurance offers, the risk businesses face, and the increasing likelihood they will be targeted. Despite the misconception that cyber attacks only pose a threat to large ‘tech’ companies who hold data, virtually all modern businesses (regardless of size and industry) who use social media, computer systems, or the internet are at risk.

In 2020 alone, the number of ransomware attacks tripled from Q1 to Q2 – with businesses in manufacturing and professional services facing the highest risk. Cases like this should serve as a key reminder to not only brokers’ clients, but brokers themselves, that cyber insurance is essential – for protecting against both financial and reputational loss.

Reduce exposure to cyber threats with Cyber Essentials

In our efforts to educate and raise awareness of cyber risks, we recommend Berea’s Cyber AMI – Cyber Essentials product, which teaches organisations about common cyber threats and explains how to configure IT systems to protect against them. Completing the scheme provides organisations with the option to purchase a certification, which is now required by Schools, Universities and other organisations seeking funding from the Education and Skills Funding Agency (EFSA) in 2020/2021.

For more information about our CyberSafe Insurance or our e-trade solution, our Cyber & Financial Lines Underwriting Manager, Matt Drinkwater.


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