A recent survey of brokers has found that 85% of respondents were not confident when talking to SME clients about cyber insurance with regards to its value, importance and the intricacies.
Furthermore, 27% of respondents gave themselves the lowest confidence rating possible. According to the results, “it is believed that the reason that SME’s do not pursue the policies, is because the brokers to whom they speak about the product, do not understand it enough to give advice. Everyone tends to talk about third party claims (data breaches) but no one thinks about first party losses.”