The Register reports:
The number of successful cyber insurance claims made by UK organizations shot up last year, according to the latest figures from the industry’s trade association.
The Association of British Insurers (ABI) said £197 million ($259 million) in cyber insurance payouts were made to victimized organizations in 2024, up from £59 million ($77 million) in 2023.
Cyber insurance companies are a controversial part of the security market. Some argue the minimum standards they enforce on policyholders drive up security standards, while others have accused them of encouraging criminals to extort by making payments to ransomware crews.
ABI data showed that ransomware and malware infections contributed to 51 percent of the claims made by UK organizations in 2024. This percentage increased markedly year-over-year, with ransomware and malware making up 32 percent of all claims in 2023.
Read more at The Register.
