Penetration and distribution
While the UK benefits from strong specialist distribution and formal cyber placement strategies, overall cyber penetration sits at approximately 11%. Lindsey Maher, head of global cyber development at CFC, notes that no market has successfully solved the challenge of selling cyber cover to small businesses, which represent the largest untapped opportunity.
Market growth and risk awareness
The UK SME cyber market is expected to grow by 13% before the end of the year, outperforming other commercial lines. Supply chain events, such as the disruption affecting JLR, have helped make cyber risks more relatable to smaller firms that suffer losses without being directly targeted.