Security News > 2023 > January > Cyber insurance can offset the risks of potential breaches

SMBs are aware of increasing cyber threats and allocating resources and investing in areas such as network and cloud security, according to Datto.

69% of SMBs currently have cyber insurance and 34% of those without cyber insurance are highly likely to get it in the next year.

42% of SMBs with cyber insurance think it's extremely likely that a ransomware attack will happen in the next year, while only 16% of SMBs without cyber insurance think the same.

MSPs can help their clients improve their disaster recovery plan by building out their security and backup offerings or requiring clients to have cyber insurance.

Cyber insurance can offset the risks of potential breaches, something which became increasingly more important when many SMBs accelerated their digital transformation efforts during the COVID-19 pandemic.

Organizations with cyber insurance are more actively engaged in their cybersecurity.

News URL

https://www.helpnetsecurity.com/2023/01/19/smbs-cyber-insurance/