Almost half of cyber insurance policies for UK SMEs were distributed by brokers last year, indicating a big opportunity in this sphere going forward, GlobalData says.

Analyst Yasha Kuruvilla says employees’ expectations of working arrangements have shifted due to COVID-19 lockdown rules, and remote working is here to stay.

“This provides an opportunity on which cyber insurance experts can capitalise,” Mr Kuruvilla says. “Brokers that gain expertise here will have an advantage over competitors.”

Only a third of employees [in developed countries] expect to return to the office full-time after lockdowns ease, significantly increasing cyber security risks and making cyber a key product line, GlobalData says.

Businesses will rely on advice from third parties when purchasing cyber insurance as it in a new product that involves more complex risks, Mr Kuruvilla says.