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Cyber Insurance – Realities vs Myths Putting SMEs at Risk

Market Briefing

Online

Zoom

22nd April 2025 • 13.00 - 14.00

About this session

Many UK SMEs are failing to take up cyber insurance and strengthen their risk management at a time when criminals are finding more sophisticated ways to take advantage of weaknesses and gain access to systems and data.

There is now a widening gap between the exposure and cyber threats SMEs face and the defences that are in place to protect them. But despite smaller businesses being increasingly susceptible to a cyber-attack and the serious impact it can have, it remains one of the most underinsured risks.

HSB’s webinar will highlight the realities and myths relating to cyber insurance cover and the true costs of cyber-crime for SMEs; the evolving cyber risk landscape; and the types of incidents which may only be covered by a specialist cyber policy. It will also provide guidance on what businesses should do when responding to a cyber incident and how MGAs can support brokers and policyholders.

Learning Objectives

At the end of this session, delegates will be able to:

Summarise evolving cyber risks, from ransomware and phishing scams to the rise in AI-related attacks, and the financial and reputational impact they are having on small businesses.
Describe cyber claims trends, including what type of incidents would and wouldn’t be covered under standard commercial policies,
Explain how cyber insurance can provide critical access to experts that can help when it is really needed.
Outline the do’s and don’ts for businesses when responding to a cyber-attack and how MGAs can support policyholders following an incident.

Daniel Maskell

Head of Sales and Business Development – Partnerships • HSB

Daniel has over 30 years’ experience in the insurance industry, the last 12 years being at HSB. During his time at HSB he has held sales, and senior underwriting positions before becoming Head of Sales and Development for the HSB Partnerships team.

Prior to joining HSB he had a wide range of experience including time at Marsh and regional brokers. Holding a number senior market relationship, delegated authority underwriter and sales roles.

Daniel is passionate about DEI and ESG and was a co-chair for Munich Re DEI for UK and Ireland during the launch of HSB’s DEI Strategy. He also enjoys working with our partners and coming up with innovative insurance solutions to customers Engineering challenges.

Graham Harrop

Underwriting Manager – Partnerships • HSB

As Underwriting Manager – Partnerships, Graham is responsible for the development and implementation of underwriting strategy for HSB’s insurer partners. Graham joined HSB in 1999 and has over 25 years’ experience in the insurance industry – client and market-facing – dealing with all engineering insurance product lines.

During this time Graham has been HSB’s Cyber Product Leader and responsible for HSB’s computer and cyber portfolio. This has enabled him to understand the challenges and opportunities brokers and MGAs face in managing their clients’ evolving cyber risks.