Zurich
23 November 2016
Reporter: Becky Butcher
Increased concern for SMEs over cybercrime
The risks posed by cyber crime are a fast-growing concern for small and medium-sized enterprises (SMEs), according to Zurich Insurance Group’s annual global SME survey.

Just 10 percent of SMEs said that they were too small to be at risk of “falling victim” to cyber crime, compared to 17 percent of those that thought that they were “too insignificant to attract the attention of cyber criminals” in 2015.

Respondents revealed that theft of customer data (27 percent) and reputational damage (20 percent) are feared as the biggest potential impacts of cyber crime activity.

The survey noted that only 5 percent of SMEs are confident they have sufficient and up-to-date IT measures in place to protect against cyber crime, compared with to percent last year.

The survey revealed that each region showed a difference in attitude towards cyber crime.

European SMEs typically fear global trends, while US businesses are more concerned about cyber theft.

Those surveyed in Latin America said they were worried about the lack of awareness around cyber risk, while in the Asia Pacific region respondents suggested that cyber crime awareness is on the rise.

Zurich surveyed 2,600 C-suite executives and managers at SMEs in 13 countries across Europe, the Americas and Asia Pacific.

Lori Bailey, global head of special lines at Zurich, commented: “With the number of high-profile cyber security breaches in the media over the last year, it is not surprising that the risk awareness amongst SMEs has grown significantly, yet alarming that the vast majority of SMEs do not have the appropriate cybercrime protection measures in place.”

More technology news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Bespoke Software launches inTell Captive
28 March 2017 | Hamilton | Reporter: Mark Dugdale
Bermuda-based Bespoke Software has launched the new business intelligence software solution to help captive managers leverage their data
Aon and SS&C launch ILS platform
23 February 2017 | Pembroke | Reporter: Becky Butcher
Aon Insurance Managers and SS&C Technologies have launched a joint platform intended to simplify insurance linked-securities (ILS) management...
QBE launches new cyber risk solution
17 February 2017 | New York | Reporter: Becky Butcher
QBE North America has launched a new solution to help protect against the increasing threat of cyber intrusions
Aon introduces new cyber captive programme
24 Janaury 2017 | London | Reporter: Becky Butcher
Aon Global Risk Consulting has launched a new cyber captive programme to help clients identify, assess and quantify their cyber exposures...
Health insurance data breach affects many in Delaware
16 January 2017 | Delaware | Reporter: Becky Butcher
A health insurance data breach has affected approximately 19,000 people with employer-paid plans in Delaware, according to the Delaware Department of Insurance...
FiscalReps unveils its new tax database and software
29 November 2016 | London | Reporter: Becky Butcher
FiscalReps has launched Taxbox2 at the company’s Indirect Tax Academy event in London...
Increased concern for SMEs over cybercrime
23 November 2016 | Zurich | Reporter: Becky Butcher
The risks posed by cyber crime are a fast-growing concern for small and medium-sized enterprises (SMEs), according to Zurich Insurance Group’s annual global SME survey...