"Cyber insurance payments are rocketing, with the Association of British Insurers (ABI) finding that £197 million was paid out last year - more than three times the figure for the year before. Increasingly sophisticated digital threats are causing more extensive damage, the ABI said, leading to higher payouts - up by a total of £138 million from 2023. Marks & Spencer (M&S), for example, recovered £100 million from its insurers after its devastating hack earlier this year."
"Cyber insurance payments are rocketing, with the Association of British Insurers (ABI) finding that £197 million was paid out last year - more than three times the figure for the year before. Increasingly sophisticated digital threats are causing more extensive damage, the ABI said, leading to higher payouts - up by a total of £138 million from 2023."
Cyber insurance payouts rose sharply to £197 million last year, more than three times the prior year’s figure. The rise amounts to an increase of £138 million compared with 2023. The Association of British Insurers links the jump to increasingly sophisticated digital threats that cause more extensive damage and generate larger claims. Significant corporate recoveries are contributing to the total, with Marks & Spencer reclaiming £100 million after a severe hack earlier in the year. The pattern reflects growing financial exposure from cyber incidents and higher overall claim costs for insurers.
Read at IT Pro
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