A new report reveals that 91% of small and medium-sized enterprises (SMEs) with a cyber insurance policy say that their insurance provider helped them avoid potential incidents.

The Cyber Round-Up: Q2 2023 report, recently released by cyber insurance provider Cowbell, explores insights from SME leaders revealing that many with cyber insurance feel better prepared for cyberattacks than those without coverage. The report also shows 77% of SMEs with a cybersecurity strategy own a cyber insurance policy and are nearly nine times more likely to feel highly prepared to respond to a cyber incident. In comparison, 72% of SMEs without cyber insurance say that a major cyberattack could destroy their business.

The survey, conducted by an independent research firm in February 2023, utilized responses from 500 SME leaders across the U.S.

Industries that suffered the most cyberattacks in the past 12 months were computer hardware or software (68%); utilities/energy/water/telecom (61%) and financial services or insurance (60%).