IT and computing businesses do not see Brexit as a threat

New data from RSA’s Future Impacts report has revealed 78 per cent of British IT, and computing SMEs do not believe Brexit is a threat to their business. 

The commercial insurer’s study 1,000 SMEs also found 43 per cent of businesses believeleaving the EU will have a positive effect on their business. Despite these findings, there are three risks SMEs have identified: economic uncertainty, increasing market competition and financial resources.

Also addressed by the study is the emerging threat of cyber attacks against SMEs. Government figures show that two thirds of large businesses and three quarters of SMEs have experienced some form of cyber attack, but only nine per cent of businesses have cyber crime cover in place. 

Schemes and deals director, regions and SME, commercial risk solutions at RSA, Russell White, said: “The technological landscape is changing at an unprecedented rate bringing businesses both new opportunities and new threats. Despite pushing these technological advancements, SMEs are also being left behind the curve when it comes to securing themselves against the risks presented by cyber development. 

“It is interesting to learn that only 12 per cent of businesses in the IT and computing sector have cyber crime cover, despite them understanding the landscape.” 

With 49 per cent of these companies not insured against any of these risks – 58 per cent lower than the national average – 88 per cent of insurance brokers think a lack of insurance is a persistent problem amongst their SME clients.

White added: “The onus is not only on SMEs themselves to better manage their risks, but also on brokers and insurance providers to proactively raise awareness of the protection gap and help SMEs to better understand the risks they face, and what they can do to protect themselves against them.”