The Cyber Insurance Academy is honored to be recognized in The Association of British Insurers (ABI) newest report, Cyber Resilience for SMEs: The Insurance Gap Explored, as a recommended resource for External Cyber Advice and Guidance. This acknowledgment further reinforces our mission to bridge the skills gap in cyber insurance and equip professionals with the necessary expertise to navigate the evolving threat landscape.
Key Findings from the ABI Report
The ABI has released a report titled Cyber Resilience for SMEs, shedding light on the critical challenges small and medium-sized enterprises (SMEs) face in managing cyber risks. The report highlights the pressing need for upskilling within the insurance sector, enhanced external expertise, and improved strategies for cyber incident response. Some of the key challenges identified include:
- A Competitive Market for Cyber Insurance Professionals: The demand for experienced cyber insurance practitioners far exceeds the supply, creating a talent gap that hinders insurers’ ability to offer specialized guidance.
- Less Tailored Breach Handling: Many SMEs lack tailored incident response plans, leading to slower and more expensive resolutions when breaches occur.
- Brokers’ Hesitancy to Provide Cybersecurity Advice: Many brokers do not feel confident providing in-depth cybersecurity guidance, leaving SMEs without crucial insights into risk mitigation.
- Limited Awareness of Cyber Risks and Insurance Benefits: Many SMEs do not fully understand the complexities of cyber threats or the protective role insurance can play.
The Role of the Insurance Industry
Strengthening cybersecurity awareness, improving response strategies, and fostering continuous education will be essential in safeguarding SMEs against the rising tide of cyber threats. The ABI report emphasizes the necessity of accessible and comprehensive cyber insurance tailored to SMEs. By equipping SMEs with the right tools, knowledge, and resources, insurers and brokers can play a pivotal role in strengthening cyber resilience across the economy.
The Cyber Insurance Academy remains committed to addressing these challenges by providing high-quality education and training in cyber insurance. Our inclusion in the ABI report highlights how vital ongoing learning and continuing education are for tackling the ever-changing cyber risk landscape.
