SMEs more concerned about GDPR and cyber than Brexit

The UK’s small and medium-sized business have put GDPR compliance and cyber risk management ahead of any Brexit-related planning, according to a study conducted by Zurich.

Almost a quarter (24%) of respondents to Zurich’s latest broker survey said that their SME clients now ask them about GDPR on a regular basis whereas regular enquiries about Brexit were recorded by just one in ten (10%) brokers; and over a third (35%) said that their clients never asked about the UK’s exit from the EU at all.

Almost half of insurance brokers (43%) have seen a significant increase in enquiries about GDPR cover and compliance since the deadline passed compared with before, indicating a limited understanding of GDPR compliance.

Other immediate issues like financial risk, which include late payments and legal claims, are also taking priority over Brexit, with four in five (80%) brokers reporting clients seeking guidance on these topics. Cyber security cover remained the biggest issue of all, on which almost two in five (37%) insurance brokers reportedly provide regular counsel clients on this.

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