Third of UK SME’s cancelled cyber insurance – are there alternatives?

SME's can take basic steps to secure their business in place of expensive cyber insurance

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A study by GlobalData found that 29% of small and medium-sized sized (SME) UK businesses cancelled their cyber insurance policies in 2021. Cost cutting by SME’s was cited as the principal reason.

 

Some sources predict that cyber insurance premiums could increase 50% year on year. But there are cost effective alternatives for UK SMEs to protect themselves from the increasing threat of cyber attacks.

Protect your business by using existing capabilities

Using expert guidance, cyber protection can be built by businesses using their existing people, processes and technologies. 

2tela recommends SME’s use the National Cyber Security Centre’s (NCSC) tips for SME cyber security which contains five key foundational steps to secure businesses.

We have a neat summary of this advice, here. 2tela Cyber Consultancy services are available to guide you through these steps. We can put in place the required technical settings and policies to secure your business.

Having the basic foundations in place for cyber security enables SME’s to protect their staff and data. Furthermore, taking these steps to mitigate threats could also lead to lower insurance premiums.

Cyber insurance is a useful product for any business to have. But properly configured systems guided by human expertise provides enduring defence against threats.

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If you want to speak to 2tela about putting in place the foundations of cyber security, please click here.

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