Member

I also worry that a free service provided in this way might be a disincentive for SMEs and other firms to protect themselves properly, so I am guided towards what I hope would be the same outcome, but with a slightly different entry point. As we have heard from a number of speakers throughout Second Reading and Committee, we need to look at measures to promote the cyber insurance market. Indeed, the noble Baroness is right to say that the uptake of cyber insurance by SMEs is far too low, but I feel that it would make more sense to try to raise the uptake of cyber insurance, particularly by SMEs. That would, I suggest, be far more efficient, sustainable and flexible in ensuring the resilience and protection of smaller businesses. We could, for instance, think about reducing the premium tax on cyber insurers in order to promote the growth of their services, or otherwise subsidise the uptake of cyber insurance for the companies that we want to see take it up.