Association of British Insurers (ABI) figures show that cyber insurance payouts in the UK have tripled, reaching £197 million in 2024 as businesses face increasingly costly cyber-attacks, particularly from ransomware and malware.
The number of cyber insurance policies has also risen, with 17 per cent more businesses taking out coverage in 2024. However, experts warn that not all claims are guaranteed to be paid. Insurers are tightening requirements, and failure to meet security standards or maintain effective recovery plans may limit payouts.
Businesses must ensure they implement robust cybersecurity measures, including secure backups and effective recovery plans. Cybersecurity should be a core business priority, with regular risk assessments and a proactive security culture to mitigate risks and safeguard against costly attacks.
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