CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services.
The company’s cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial impact on SMEs when outsourcing these services.
The analysis compared the same security measures CFC offers free to its policyholders.
This includes phishing protection, external vulnerability management, external asset discovery, threat intelligence, zero-day vulnerability discovery, and real-time access to cyber experts.
The study revealed that the average monthly cost for an SME to outsource all these services is £4,962, amounting to an annual cost of £59,566.
This estimate does not include the internal costs for a business’s own team to install, update, or manage the technology or software as part of the outsourcing process.
Jason Hart, Head of Proactive Insurance at CFC, commented: “It’s a well known-fact that the biggest problem that brokers face when it comes to selling cyber insurance is price. This is where the real value of our proactive cyber insurance cover for SMEs becomes clear.”
Hart continued: “Not only do they get a promise to pay should a cyber event occur but, more importantly, they get a promise to protect their business. Using unique insights from threat intelligence feeds, the dark web, network scanning and our own real-life claims data, we identify potential threats and alerts customers before an event happens.”
From the moment their policy is activated, every CFC cyber policyholder gains access to these award-winning proactive services.
There’s no requirement for installing technology, having in-house cybersecurity expertise, converting technical details into everyday business terms, or performing regular system updates.
