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New research looking at UK small and medium-sized enterprises (SMEs) in the wake of the COVID-19 pandemic has found that a significant number are looking at buying cyber insurance protection.

The results of this research show that 8.5% of those small firms that took part expressed a greater willingness to get cyber insurance cover in the period since the pandemic first took hold. When it comes to companies that are medium-sized, the number seriously considering cyber insurance was considerably higher, at 33%, with healthier finances possibly the reason for this disparity.

The possibility that financial issues caused by the pandemic has made smaller firms less likely to consider cyber insurance than medium-sized ones is further supported by the findings of the study when it comes to sole traders. Of these ultra-small firms, 88% stated that they were no more likely to consider buying cyber insurance now than they were before the pandemic – despite the rise in cyber fraud that it has led to.

Speaking to Reinsurance News, GlobalData Insurance Analyst Ben Carey-Evans stated that:

“Fraudsters have capitalised on employees working from home – with phishing scams, in particular, on the rise – preying on fears surrounding the pandemic such as using Covid-19-based hooks in phishing emails.”

Given this and the financial worries that many smaller firms are currently facing, it can be worth considering cyber insurance and other forms of protection, such as using an accountant for small business in South Yorkshire or wherever they are based, if affordable.

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