By: 6 December 2023
83% of small UK businesses uninsured against cyber strikes, says Aviva

Recent research by Aviva unveils a startling statistic for small businesses in the UK: only 17% of them have insurance protection against cyber crime.  

One in five UK businesses have experienced a cyber attack or incident, with nearly one in 10 small businesses experiencing this in the last year. 

The research exposes the vulnerability of UK businesses, particularly as so few are insured against such incidents. In particular, small enterprises disproportionately face potential financial and operational crises in the event of a cyber attack. 

Aviva’s head of cyber, Stephen Ridley, stressed the critical importance of addressing this alarming trend. He said, “It’s important to recognise that businesses of all shapes, sizes and sectors are at constant risk of a cyber attack – particularly at this time of year, with phishing emails often increasing around Black Friday and Christmas.” 

Ridley warns of the high, unforeseen costs and substantial disruptions that uninsured businesses may encounter. Ridley urged them to take immediate action to safeguard their operations, saying, “It’s worrying to see that many businesses do not know how to protect themselves from this emerging threat. 

“It’s key to have both preventative measures and protection in place. Although businesses are more likely to purchase cyber cover after experiencing an attack, more and more affordable products are becoming available.  

“These could be a valuable lifeline to small businesses … should the worst happen.” 

Detective superintendent Ian Kirby of the National Cyber Resilience Centre Group echoed the concern. He said, “Cybercrime is something that can impact on any organisation, whatever its size or wherever it is in the country. It is essential that all businesses across the UK economy therefore have robust cyber practices in place, so that they are in the best position to protect themselves from cyber criminals.” 

 

Image: Canva 
Josie Miller
Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.miller@barkerbrooks.co.uk