SMEs embrace cybersecurity insurance, 71% open to purchase

More (30% vs 24%) SMEs experienced cyberattacks in 2024.

More small and medium enterprises (SMEs) have experienced cyberattacks in 2024, increasing to 30% from 24% in 2023, according to QBE Hong Kong’s latest SME survey.

QBE said the top risks cited by respondents include data breaches (39%), phishing and smishing (35%), and malware (35%).

Whilst the attacks increased, awareness and protection against cyber risks also rose. QBE said 48%, from 36% last year, are fully informed about possible threats. 

Businesses that said they had no process nor protection against cyber risks also dropped to 11% from 16%. 

Of those with protection, 62% are utilising software solutions, followed by having cyber security personnel (45%), policies for handling potential cyber risks (45%), and staff training (43%). 

To protect themselves, 42% of firms have bought cyber security insurance. More (71%) are also open to purchasing one this year, up from 49% last year.

The study also revealed that 31% of firms perceive AI as a threat to business activity. Some of the concerns SMEs raised include data leakages (18%), privacy issues and identity breaches (16%), and AI-instigated cyberattacks (13%).