Small business owners in the insurance and finance sector are more worried about cyberattacks and staff turnover and shortages than a year ago, a survey has found. 

The poll of 600 SMEs by NAB found 42% of those in financial services rank cyberattack as a leading concern – up from 31% last year and compared with just 8% across all industries surveyed.  

Staff turnover and shortages are a key concern for 29% of financial services SMEs, up from 22% a year earlier. Risk from government policies and regulations is at 46% in the sector, but this is down from 58% a year ago.  

The bank’s poll found 29% of insurance and finance small businesses plan to invest in artificial intelligence and cybersecurity, while 21% plan to partner with other companies. 

Across all industries, more small business owners now identify profitability as their biggest worry. Concern about inflation and the cost of doing business has eased. See the survey here.

Insurance and finance sector SME concerns