Hiscox warns against low uptake of technology insurance
Specialist insurer Hiscox has commissioned a survey which reveals that just 16% of small business entrepreneurs have purchased protection against cyber risks.
The small figure comes as technological attacks on UK companies continue to grow, with the potential dangers of such an assault being severe.
With technology continuing to increase in important for firms, the protection taken against fraud, breach of privacy and viruses has not matched the greater usage of technology.
Hiscox’s UK Underwriting director, Gary Head, has stated that lawsuits for defamation, breaches of privacy or fraud can be a single click away, and has urged small businesses not to underestimate the potential dangers posed by cyber risks.
The survey also showed that public liability was the most popular form of business insurance, taken up by 77% of respondents.
Public liability is sometimes a legal requirement, so its popularity is not surprising, unlike the meagre 16% who take out internet and email insurance.
Category: Business Insurance News, Insurance News
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