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UK SME cyber protection gap: ABI–Grant Thornton urge increased cyber insurance uptake, broker support and centralised guidance, as Bank of England regulator heightens scrutiny of cyber resilience

Published on: 31 January 2025

Published by a Law360 reporter
Legal News
Article summary

The Association of British Insurers (ABI) announced in a report dated 29 January 2025 that small and medium-sized enterprises face exposure to cyber attacks, yet are failing to make use of insurance cover to help reduce the risk. According to the research, many companies felt their likelihood of suffering a cyber incident was low, or believed policies were too pricey to meet their needs. Compiled with accountants Grant Thornton UK LLP, the report urges SMEs to raise their uptake of insurance solutions to defend against cyber attacks. It also says SMEs should confront the widespread lack of understanding about the nature and scale of cyber threats across the sector...

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