Cyber claims payouts up 230% – ABI
Cyber claims payouts have increased 230% year-on-year to £197m in 2024, according to the Association of British Insurers.
The amount paid was £138m more than in 2023.
Following the upswing, the ABI called for cyber insurance to become a part of every organisation’s modern risk management strategy.
Data from firms participating in the trade body’s cyber data collection found malware and ransomware alone accounted for over half of all claims, up from a total of 32% of all claims in 2023.
RelatedCMC pegs JLR cyber event as UK’s ‘most economically damaging’The trade body said it highlighted how increasingly sophisticated
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