CYBER INSURANCE UPTAKE AMONG SMALL BUSINESSES SURGES 50% IN PAST YEAR

How cybercrime is forcing SMEs to rethink risk, resilience, and responsibility

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A New Reality for Small Businesses

October marks Cyber Security Awareness Month, a reminder for businesses worldwide that cyber resilience is no longer optional. For Australian small and medium enterprises (SMEs), the urgency has never been greater.

BizCover, Australia’s leading online business insurance service, has revealed that cyber insurance uptake among small businesses has surged 50% in the past year, and an astonishing 85% over the past three years. This sharp rise underscores a shift in mindset: cybercrime is no longer viewed as a distant risk, but as a present and persistent threat.

The Australian Signals Directorate’s (ASD) Cyber Threat Report 2023-24 paints a stark picture. More than 87,000 cybercrime reports were filed last year – that's one every six minutes. For small businesses, the average cost per incident sits at $49,600, a crippling figure for many SMEs operating with limited reserves.

"These figures should act as a wake-up call," says Akshaye Kalkura, Virtual CIO at BizCover.

Busting the 'Too Small to Target' Myth

One of the most dangerous misconceptions among small business owners is the belief that cybercriminals only target large corporations. The reality, experts say, is quite the opposite.

This false sense of security has kept many SMEs underinsured or uninsured. But the recent surge in policy uptake shows that the tide is turning, as more business owners realise that being small does not mean being invisible.

The Human Side of Cybercrime: Case Studies

Behind every statistic is a story – and for SMEs, the impact of a cyberattack can be deeply personal.

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