GlobalData found that 23.4% of small- to medium-sized enterprises (SMEs) opted for cyber insurance primarily due to increased remote work. This trend correlates with a recent cyberattack on Marks & Spencer (M&S), which lost approximately £700m in market value due to a breach likely linked to remote access vulnerabilities. As SMEs become more aware of cyber threats partly influenced by significant incidents like M&S's, it prompts a reassessment of their cybersecurity measures, including insurance policies, highlighting the urgent need for tailored cyber resilience strategies.
Nearly 23.4% of SMEs purchased cyber insurance due to increased remote working, influenced partly by major cyberattacks like M&S's that highlight vulnerabilities.
The M&S cyberattack, resulting in a £700m loss, raises awareness of remote working vulnerabilities and is likely to prompt more SMEs to reassess their cyber insurance needs.
The incident with M&S underscores the growing necessity for robust cyber resilience strategies amidst a shifting landscape marked by hybrid working models.
As high-profile cyber breaches increase awareness, insurance providers are encouraged to develop cyber products that specifically cater to the evolving threats faced by SMEs.
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