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UK Cyber Insurance Payouts Increase 230% Due to Rising Threats

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1 unique sources, 1 articles

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UK cyber insurance payouts surged 230% in 2024, reaching £197m ($258m), driven by a rise in sophisticated malware and ransomware attacks. The Association of British Insurers (ABI) reported that malware and ransomware accounted for 51% of claims, up from 32% in 2023. Despite higher payouts, insurers issued 17% more policies, highlighting the growing demand for cyber insurance as a risk management tool.

Timeline

  1. 12.11.2025 16:30 1 articles · 23h ago

    UK Cyber Insurance Payouts Surge 230% in 2024

    In 2024, UK cyber insurance payouts reached £197m ($258m), a 230% increase from 2023. Malware and ransomware accounted for 51% of claims, up from 32% in 2023. Despite higher payouts, insurers issued 17% more policies, reflecting the growing demand for cyber insurance as a risk management tool. Insurers are tightening requirements for policyholders to ensure a baseline of security best practices, and a proposed government ban on ransom payments could lead to increased resilience requirements.

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Information Snippets

  • UK cyber insurance payouts rose to £197m ($258m) in 2024, a 230% increase from 2023.

    First reported: 12.11.2025 16:30
    1 source, 1 article
    Show sources

  • Malware and ransomware accounted for 51% of all claims in 2024, up from 32% in 2023.

    First reported: 12.11.2025 16:30
    1 source, 1 article
    Show sources

  • Insurers issued 17% more policies in 2024 compared to 2023.

    First reported: 12.11.2025 16:30
    1 source, 1 article
    Show sources

  • Insurers are tightening requirements for policyholders to ensure a baseline of security best practices.

    First reported: 12.11.2025 16:30
    1 source, 1 article
    Show sources

  • A proposed government ban on ransom payments for public sector and critical infrastructure organizations could lead insurers to increase resilience requirements.

    First reported: 12.11.2025 16:30
    1 source, 1 article
    Show sources