"The number of successful cyber insurance claims made by UK organizations shot up last year, according to the latest figures from the industry's trade association. The Association of British Insurers (ABI) said £197 million ($259 million) in cyber insurance payouts were made to victimized organizations in 2024, up from £59 million ($77 million) in 2023. Cyber insurance companies are a controversial part of the security market."
"ABI data showed that ransomware and malware infections contributed to 51 percent of the claims made by UK organizations in 2024. This percentage increased markedly year-over-year, with ransomware and malware making up 32 percent of all claims in 2023. The ABI said the surge in attacks leading to policy payouts illustrates an increase in sophistication and the damage cyberattacks are having on businesses."
Successful cyber insurance claims by UK organizations rose sharply in 2024, with payouts totaling £197 million compared with £59 million in 2023. Ransomware and malware accounted for 51 percent of claims in 2024, up from 32 percent the year before. The increase in payouts reflects greater attack sophistication and larger business impacts from cyber incidents. Cyber insurance policies provide financial support after incidents and can include access to expert advice, threat monitoring, and incident response planning. Large digital heists affecting major retailers and a reported £100 million claim suggest 2025 payouts may climb further.
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