Subscribe To Our E-Newsletter
Follow Us On Twitter
Privacy And Cookies
Established 1996
Saturday 20 January 2018

BREAKING NEWS

Crisis awareness among SMEs rising but preparedness gaps remain

Written by staff reporter
2017-07-27

UK SMEs are under prepared to respond to a crisis scenario, despite their awareness that security threats are rising and 44% expecting to face some form of attack in the near future.

This is the key finding of research commissioned by Arthur J. Gallagher, focused on evaluating business resilience, which identifies a perception gap between the level of preparedness of UK SMEs and the growth in security threats.

Some 43% of the 1,000+ SME business leaders surveyed by YouGov admitted to having no contingency plans for a crisis or not knowing what those plans were. Furthermore, only 30% have insurance in place that would respond to a security crisis -- such as terrorism, cyber extortion, sabotage, product tamper or emergency repatriation -- with a further 40% unaware if they have insurance cover.

The research also highlighted a very clear gap in perception between the threats SMEs face and their level of preparedness. More than two thirds (68%) of SMEs questioned believe they are resilient and well-equipped to deal with a security crisis despite their planning and insurance protection levels showing otherwise.

There is, however, a widespread understanding that threat levels are growing, with one in five (19%) UK SMEs having faced an external security threat in the past two years while more than double that number (44%) believes they could face a threat in the coming 12 to 18 months. More than a quarter (27%) of those asked say they specifically expect to suffer cyber extortion in the near future


Related Articles

Power transmission and distribution risk
Description
Mark Evans talks to Barry Menzies, head of MIDEL ester-based dielectric fluids, at specialist manufacturer M&I Materials, to discover how ester fluids can help reduce the risks associated with transformer applications.
Latest News Headlines
Industry News
Deborah Ritchie provides a summary of some of the latest stories in business risk, insurance and resilience
Most read stories...
World Markets (15 minute+ time delay)
FTSE
7,729.06
+28.10
S&P 500
2,810.30
+12.27
Nikkei 225
23,808.06
+44.69



Download the latest
digital edition of
CIR Magazine


AdvertisementAdvertisement