- Report finds around half of UK&I businesses don’t have any form of cyber insurance
- This is despite brokers predicting rising claims and premiums
- Ransomware continues to grow and affect UK&I businesses
Around half of UK & Ireland businesses lack any form of cyber insurance, despite rising instances of threats, new research has warned.
A report from Arctic Wolf found 70% of UK&I insurance brokers are anticipating claims to increase in 2026, with a similar number (68%) predicting premium rates to rise over the same period.
The news comes as cybercriminals are using AI tools more and more to help build more sophisticated attackes, targeting company data and adding to privacy concerns.
Many companies lack cyber insurance
Arctic Wolf’s data claims ransomware has now become the most common type of insurance claim globally, followed by data breaches, theft of funds and phishing.
Nearly one in five (18%) respondents’ clients had experienced a cyberattack within the past month, with the average global insurance claim hovering around the $115,000 mark and large businesses claiming an average of over $812,000.
Recent UK Government analysis shows that the number of businesses experiencing a ransomware crime doubled between 2024 and 2025, with 43% of businesses having experienced a cyber security breach or attack in the last 12 months.
“While the insurance industry is working with clients to improve protection, attacks are ultimately costing businesses hundreds of thousands of pounds worth of damage,” Senior Director of Strategy for Insurance Alliances Kevin Kiser explained.
In the UK and Ireland, around one in four (23%) brokers have now negotiated pre-arranged insurance benefits for clients with cyber risk vendors, and UK&I brokers are more likely than the global average to partner with cybersecurity providers.
“As threat tactics evolve, cyber insurance is no longer a ‘nice to have’ but a strategic pillar of modern risk management,” Kiser added.
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