Why brokers are important in ensuring clients don’t underestimate cyber risk

Over half of SMEs across Singapore, Hong Kong and Australia experienced a cyber incident over the last year, according to Chubb’s recent SME survey, but many still underestimate just how significantly an attack can cripple their income and day-to-day operations. According to Chubb’s cyber underwriting manager Andrew Taylor, the insurance and brokerage industry plays a significant role in bringing this awareness to clients reluctant to see the value in cyber-related products, and in placing a strong emphasis on preventing such attacks from happening in the first place. “The consequences of a potential cyberattack are vast, as can be seen in the incidents that we list in our recently released survey,” Taylor told Insurance Business.