Cybercrime insurance payouts surge by 230%
The Association of British Insurers has revealed it paid out £197m to businesses affected by cybercrime in 2024.
This is £138m more than in 2023 and represents a 230% year-on-year increase.
It has now urged every business to make cyber insurance part of its risk management strategy to mitigate against costly breaches, ransomware, and email compromise.
This comes after JLR was the victim of the most recent high-profile cyber attack, which halted production for more than a month and is estimated to have cost the UK economy £1.9bn.
Financial safety
Jonathan Fong, head of general insurance policy at the ABI, said: “Cyber insurance is more than just a financial safety net. The right policy not only supports businesses in the aftermath of an incident but can also help prevent attacks through access to expert advice, threat monitoring, and incident response planning.
“With cyber threats continuing to grow in scale and sophistication, it needs to be a critical component of every organisation’s modern risk management strategy.”
