SMEs are taking cyber security a bit too lightly according to a major business insurance broker. Hiscox Insurance annual Small Business Cyber Security Risk Report has found that small steps could help to counter “ever-evolving threats of cyber-attacks,” but companies need to do more to protect themselves and their brands. The report found that 44% of SMEs experienced either direct hacking, indirect data breaches or ransomware attacks. These incidents, on average, cost micro businesses around $34,604 and SME’s around $1.05 million. Hiscox believes companies need to invest in cyber insurance to help provide a balance alongside suitable cyber security software and technology-based countering solutions. Doing small things, like buying the right cyber insurance, could help SMEs save hundreds of thousands of dollars in the long run.