- Report finds about half of the UK & I companies do not have any kind of cyber insurance
- This is in spite of brokers who predict increasing demands and prizes
- Ransomware continues to grow and influence UK & I -businesses
About half of British and Ireland’s companies lack any kind of cyber insurance, despite rising cases of threats, new research has warned.
A report from Arctic Wolf found that 70% of British and in insurance brokers expect the requirements to rise by 2026, with a similar number (68%) which predicted the premium prices will rise in the same period.
The news comes as cyber criminals use AI tools more and more to help build more sophisticated attacks, target business data and add to privacy.
Many companies lack cyber insurance
Arctic Wolf’s data requirement ransomware has now become the most common type of insurance requirements globally, followed by data violations, theft of funds and phishing.
Almost one in five (18%) respondents’ clients had experienced a cyberattack within the last month, with the average global insurance requirement hovering around $ 115,000 mark and large companies on average claiming over $ 812,000.
The recent British government analysis shows that the number of companies experiencing a crime in ransomware doubled between 2024 and 2025, with 43% of companies experiencing a cyber security break or attack in the last 12 months.
“While the insurance industry is working with clients to improve protection, attacks ultimately cost hundreds of thousands of pounds worth of harm,” explained senior director of strategy for insurance alliances Kevin Kiser.
In the UK and Ireland, brokers around one in four (23%) have now negotiated prior arranged insurance services for clients with cyber risk suppliers, and UK & I brokers are more likely than the global average to cooperate with cyber security providers.
“As threat tactics evolve, cyber insurance is no longer a ‘nice to have’ but a strategic pillar of modern risk management,” Kiser added.
