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21 September 2018

Commercial Risk Europe: UK SMEs prioritise GDPR and cyber over Brexit: Zurich

Smaller UK businesses have pushed Brexit planning to the backburner as they struggle to comply with the General Data Protection Regulation (GDPR) and cyber threats, according to a Zurich survey.

The poll of brokers’ dealings with small and medium-sized (SME) clients, revealed that 24% regularly ask them about GDPR compliance and 43% said they have recorded an increase in enquiries about GDPR since the rules came into force in May.

Cybersecurity was the top concern for SMEs, with 37% of firms regularly asking brokers about the cyber threat.

By comparison, just 10% of brokers said they were regularly asked about Brexit, while 35% said their SME clients never ask about the impact of the UK’s exit from the European Union on their business.

“A lack of resources to address both immediate and long-term planning could be a problem,” Zurich said.

The survey found that other issues, including financial risk from late payments and legal claims, are more of a priority for SMEs than Brexit. Some 80% of brokers said clients had sought advice on financial risk.

Full article on Commercial Risk (subscription required)

© Commercial Risk Europe

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