Yet, despite the clear surge in cyber insurance uptake, many small and medium-size businesses (SMBs) are still entangled in a web of outdated myths that skew the perception of its value. Here, we aim to dismantle these myths and prevent them from making cyber insurance an integral part of your business strategy and potentially saving your company from staggering losses.
Cybercriminals often find SMBs attractive targets primarily because they tend to have limited cybersecurity infrastructure and resources, making them easier prey compared to well-fortified large corporations.
In several cybersecurity incidents, SMBs were targeted as a stepping stone to breach larger corporations, especially when they served as vendors or had some form of online access to the networks of these larger entities.
Unlike large corporations with abundant resources, the recovery journey for SMBs is usually more challenging. That’s why a cyber incident is cited as the second most challenging type of crisis for SMB leaders, just behind a dramatic fall in sales.
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