Context
The ABI has called for cyber insurance to become a part of every organisation’s modern risk management strategy, as its latest figures show £197 million was paid out to help businesses recover from cyber incidents in 2024.
Jonathan Fong, Head of General Insurance Policy at the ABI, said “Cyber insurance is more than just a financial safety net. The right policy not only supports businesses in the aftermath of an incident but can also help prevent attacks through access to expert advice, threat monitoring, and incident response planning. With cyber threats continuing to grow in scale and sophistication, it needs to be a critical component of every organisation’s modern risk management strategy.”
Key points to note and next actions
The ABI believes Cyber Insurance is proving to be indispensable in today’s digital economy, protecting businesses from costly breaches, ransomware, and email compromise while actively helping them prevent attacks and boost resilience.
With cyber threats escalating, demand for protection surged in 2024. 17% more policies were taken out than the previous year, presenting clear evidence that UK businesses are prioritising protection against evolving digital risks.