The latest from Coalition for you;
Coalition, the world’s first Active Insurance provider designed to help prevent digital risk before it strikes, has unveiled the results of its Small Business Cybersecurity Study, analyzing the perspectives and practices of 1,000 decision-makers from across the globe who are responsible for cybersecurity at their small businesses.
The Study revealed a stark disconnect between awareness, perception, and real-world protection. Small businesses worldwide recognise that cyber risk is a significant problem. Yet they aren’t prioritising making informed decisions about where and how to invest their time and money to thoughtfully prevent attacks.
“While the UK participants responded similarly to the global respondents, the Study found that UK small businesses invest more time and money in their cybersecurity programs,” commented Tom Draper, Managing Director of Coalition UK. “This reflects the UK approach to risk management, which is to quantify and then mitigate as priorities, with risk transfer a subsequent discussion. This should give UK insurance brokers comfort in talking to UK firms about cyber risk.”
The key findings from the Study — specific to UK small businesses — include:
Awareness isn’t the issue: Most small business leaders recognise that cyber attacks are increasing.
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86% expressed that they are very or somewhat concerned about cyber threats over the next 12 months. (87% globally).
- 83% noted that they believe their risk has grown over the past year alone (identical results).
Yet, the majority of small businesses don’t believe they’re at risk, even after experiencing an incident.
- 61% believe they’re too small to be attractive targets for threat actors and therefore not at risk for cyber attacks (64% globally).
- 77% experienced at least one cyber attack in the last five years (79% globally).
And the problem is: Misunderstanding of risk leads to a lack of preparedness and cybersecurity investment
- 53% spend 10 hours or less on cybersecurity per week (59% globally).
- 63% allocate 10% or less of their total budget to cybersecurity (74% globally).
