Here are five key services cyber insurers might consider adding to their SME cyber risk management programs. (Photo: Shutterstock)
As small businesses have reconfigured their operating models to address mandated shutdowns and social distancing requirements arising from the COVID-19 pandemic, their cyber-related exposures have grown more complex and left them even more vulnerable to costly attacks.
As a result, many insurers are seeing a spike in cyber-related losses from SME (small and mid-sized enterprises) clients beyond the elevated levels already associated with these accounts and further erosion of their cyber-insurance loss ratios. When these policies renew, these rate-sensitive buyers may be unwilling or unable to accept substantial premium rate hikes, leaving insurers the option of either losing the business or revisiting the loss control services available under their SME cyber-insurance programs.
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