Our cyber insurance power panel looks at why SMEs are going without cyber insurance - and why that's a mistake. They explain how substantial the cost can be and the conversation brokers need to open now.
[00:00] Canadian cyber insurance has never been more affordable. So, why are nearly four in five small businesses still going without it?
[00:10] Joe Hines: I think that the issue is less about the cost and more about the perception and awareness that these SMEs have. Many SMEs still believe that they're too small to be targeted despite the evidence that cyber incidents increasingly affect smaller organizations.
[00:22] The low penetration rate represents a significant market opportunity driven by education rather than pricing.
[00:32] Paul Lucas: The evidence is unambiguous. Attackers do not choose targets the way businesses assume they do.
[00:37] Joe Hines: We give the example that they're going down Main Street, they're jiggling door handles, and if you're the unfortunate one that's let them in that day, then unfortunately, you're going to be targeted.
[00:45] Paul Lucas: And when they get in, the cost is substantial. Canadian cyber claims average more than double those in the US.
[00:52] Joe Hines: Not affordability, it's that many organizations haven't connected cyber insurance to business survival.
[00:58] Paul Lucas: That connection is the conversation brokers need to be having right now. For more from our Canadian cyber power panel, check out the full round table now at Insurance Business TV.
