Soaring Cyber Insurance Claims are Hurting firms with Ransomware Attacks and Compromised Emails

Cyber insurance is the world’s fastest-growing insurance market, yet a recent surge in ransomware attacks and business email intrusions has resulted in large losses for cyber insurers and increased premiums. The UK insurance business is under growing scrutiny from regulators, therefore understanding how to manage cyber risk inside their own supply chains has become critical.

This industry is crucial in risk management and safeguarding individuals and organisations from potential losses. However, as the insurance supply chain becomes more reliant on digital technology and interconnected systems, it becomes more vulnerable to cyber threats. Every business in the supply chain, from insurance carriers to intermediaries and third-party service providers, is a potential target for cyberattacks.

SecurityScorecard, a cyber ratings service, revealed some critical information on the top 50 insurers by gross written premium to provide additional insight into the UK cybersecurity insurance market. Based on data from the SecurityScorecard platform, the research discovered that 50% of the top 50 UK insurers by gross written premium are vulnerable to third-party companies that have experienced a domain breach since January 26, 2023.

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