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.

    Share Story:

Recent Stories


Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks.

The changing face of BC and WAR
The working environment has changed quite dramatically for many over the last six months. With social distancing and the rise of homeworking, it is not just how businesses operate that has changed, but also how they recover. In this podcast we discuss some of the challenges created by the quick shift to home working, why the office may not have seen its last days and how the current environment can impact the ability of a business to recover.

Advertisement