Two-thirds expect premium rates to rise in the same period.
Around half of businesses in the UK and Ireland now have cyber insurance.
According to research by Arctic Wolf, 70% of UK&I brokers expect the number of new claims against insurance policies to rise over the next year, with 68% predicting premium rates to rise in the same period. However cyber insurance representatives believe just half (50%) of existing clients have cyber insurance.
Brokers in the UK&I are more likely to partner with cybersecurity providers, while almost a quarter (23%) have negotiated pre-arranged insurance benefits for clients with certain cyber risk management vendors.
Kevin Kiser, senior director of strategy, insurance alliances at Arctic Wolf said: “As threat tactics evolve, cyber insurance is no longer a ‘nice to have’ but a strategic pillar of modern risk management. While the insurance industry is working with clients to improve protection, attacks are ultimately costing businesses hundreds of thousands of pounds worth of damage.
“Building on this momentum will therefore be critical to businesses not just staying protected, but fully operational in the months and years ahead.”
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
