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Mid-market firms boost cyber insurance adoption as small businesses lag

A Nationwide survey found 73% of mid-market business owners buy cyber coverage, up 34 percentage points since 2024, versus 42% for small businesses.

Reported · Written up by our desk · Industry & Deals

Mid-market businesses are rapidly increasing cyber insurance purchases, while small firms are not keeping pace, according to Nationwide’s Cybersecurity Survey Report, as outlined by Risk & Insurance.

The survey found 73% of mid-market business owners now purchase cyber insurance, up 34 percentage points since 2024. Small business owner adoption remained stalled at 42%.

Risk & Insurance also reported that 62% of mid-market business owners said their business has experienced a cyberattack, an increase of 6 percentage points since 2024, compared with 16% of small business owners, down 7 points since 2024.

Concern about cyber risk remains high, with the report saying 68% of small business owners and 81% of mid-market business owners are moderately or extremely concerned about a potential cyberattack.

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