Small firms in the UK lack cyber cover, vulnerable to reputational risks

9/26/2018 5:36:00 AM

Source: Business Insurance

A survey by U.K.-based internet services firm Beaming Ltd. found that more than 30% of businesses would terminate contracts with suppliers whose negligence caused them to suffer a cyber attack, reported. The survey found that more than 60% of small businesses did not have cyber insurance and faced reputation and business operations-related risks. Nearly 20% of respondents would take legal action to recover financial losses, the survey added.