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AdvisorSmith Finds 64% of Small Businesses Unfamiliar With Cyber Insurance

eTradeWire News/10654724
NEW YORK - eTradeWire -- AdvisorSmith, a leading resource on small business and economic content, released a study today on small business cyber insurance.

AdvisorSmith conducted a survey of 1,122 small business owners and managers to understand their experiences with cyber insurance. The margin of error for this survey was less than or equal to 3%.

The study focused on how familiar small businesses were with cyber insurance, what spurs small businesses to purchase cyber insurance, and how small businesses feel about their cybersecurity in the next year.

Key Findings
  • 25% of small businesses don't know what cyber insurance is, 39% aren't sure what it covers, 19% know what it is but don't plan on buying, and 17% have cyber coverage.
  • Of those that have cyber coverage, 48% purchased after experiencing a cyber loss, 20% purchased because of their industry risks, 19% purchased after knowing someone who suffered a cyber loss, 8% purchased upon the recommendation of their broker/agent, and 5% purchased after hearing about cyber threats in the media.
  • 69% of small business owners were concerned about being the victim of a cyberattack in the next year, with younger business owners being 1.8x more likely to be concerned than their older counterparts.
To view the complete study, visit: https://advisorsmith.com/data/small-business-cyber-insurance-statistics/

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About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.

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Source: AdvisorSmith
Filed Under: Insurance

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