While historically many SMBs assumed attackers target only large enterprises, today the demographic is waking up to the reality of their threat level. In conjunction with adhering to cybersecurity best practices and implementing various cyber protection tools, SMBs are prioritizing cyber insurance as a key defense tactic.
According to CyberPolicy’s research, Florida-based software development companies are leading the pack in prioritizing cyber insurance as an integral part of their cyber defense strategies.
Florida-based SMBs not in the technology sector are also actively purchasing cyber insurance, including the following industries (in order of most sales):
Financial Services
Business Management
Traditional Insurance
Additionally, CyberPolicy found that the largest SMB purchasing cyber insurance in Florida has 23 employees, while the smallest has just one employee. With cyber insurance increasingly becoming mandatory for SMBs that wish to conduct business with larger enterprises, it’s unsurprising that the majority of Florida SMBs initiated their search for cyber insurance due to a contract requirement.
Testament to SMBs’ improved cybersecurity hygiene, the majority of Florida purchasers also indicated they back up their critical business systems, data and personally identifiable information at least once a week.
“Collective cyber insurance market growth is encouraging, especially given ever-rising threat levels and seemingly constant breaches,” said Keith Moore, founder and CEO of CyberPolicy. “Florida’s cyber insurance adoption rates and demonstrable dedication to proactive cyber defense is worth emulating. We’re committed to helping SMBs of all sizes, industries and locations acquire the cyber protection they need so they can focus on what’s most important: securely growing their business.”
