As of January 2024, around 58 percent of large companies in the United Kingdom (UK) had experienced cybercrime within the past year. Medium businesses ranked second, with 45 percent of companies experiencing cybercrime. Overall, about 22 percent of UK businesses stated having experienced any form of cybercrime in the preceding year.

Estimates from Crime Survey for England and Wales (CSEW) on fraud and computer misuse. Also data from Home Office police recorded crime on the number of online offences recorded by the police and Action Fraud figures broken down by police force area.

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As of January 2024, around nine in ten businesses in the United Kingdom (UK) stated having experienced a phishing attack in the past year. A further 10 percent said they had experienced hacking incidents. Additionally, around two percent reported experiencing viruses, spyware, or malware attacks.

The number of cyber-dependent crime incidents in the United Kingdom (UK) has increased between the fourth quarter of 2022 and the second quarter of 2023. In the most recently measured period, 8,106 such incidents were reported in the market, up from 6,030 cases in the fourth quarter of 2022.

Annual data on the nature of fraud and computer misuse offences. Data for the year ending March 2021 and March 2022 are from the Telephone-operated Crime Survey for England and Wales (TCSEW).

Between the fourth quarter of 2022 and the second quarter of 2023, the monetary losses caused by cyber-dependent crime in the United Kingdom (UK) fluctuated. In the first quarter of 2023, the loss amount was 1.8 million GBP, up from 1.3 million GBP in the fourth quarter of 2022. In the second quarter of 2023, the amount of losses due to cybercrime incidents decreased again, totaling 1.1 million GBP.

As of January 2025, the most significant data breach incident in the United Kingdom (UK) was the 2017-2018 Dixons Carphone breach. As a result of this incident, 14 million user records were affected, and 5.6 million payment card information was exposed. The Equifax data breach between 2011 and 2016 impacted over 15 million customers nationwide.

Crime Survey for England and Wales (CSEW) and Home Office police recorded crime data, by quarterly time periods.

During the fourth quarter of 2024, data breaches exposed more than a million user data records in the United Kingdom (UK). The figure decreased significantly from nearly 41 million in the quarter prior. Overall, the time between the first quarter of 2022 and the fourth quarter of 2023, saw the lowest number of exposed user data accounts.

In the second quarter of 2023, 30862 consumer fraud cases were reported in the United Kingdom, making it the type of fraud with the highest number of reports. Advance fee ranked second, with 9872 reports. Cyber dependent crime, which indicates different forms of hacking and cybercrime, followed with over 8100 reported cases.

The Internet of Things has changed how society operates, from businesses undertaking their activity online to transferring financial information via online data packets. However, the digital age has also allowed cyber-attacks and malware to obtain unauthorised access to computer networks for financial gain or personal data, threatening businesses and public resources. The Cyber Security Software Development industry has rapidly gained prominence as cyber threats continue to evolve in complexity and volume. The government's cybercrime statistics reveal that in 2023, UK businesses faced approximately 7.8 million cybercrimes, pushing organisations to ramp up their cyber defences. High-profile cyber breaches have sped up investment in intrusion prevention systems and given a boost to innovation-led cyber start-ups pioneering a new era of security software. The influx of public funding, like the £2.6 billion National Cyber Security Strategy (NCSS) 2022-2025, has supported sustained growth and development in an increasingly vulnerable digital landscape. Over the five years through 2024-25, cyber security software developers' revenue is set to climb at a compound annual rate of 7.3% to reach £1.2 billion. Revenue is anticipated to swell by 8.9% in 2024-25 as demand for cyber security continues to soar. A recurring revenue model has supported profit, although it's been held back by high wage costs and considerable investment in R&D. As malware becomes more and more complex, spending on defence software will continue to swell. Over the five years through 2029-30, revenue is forecast to grow at a compound annual rate of 8.7% to reach £1.9 billion. The government's ongoing NCSS will continue to facilitate UK cyber security initiatives, helping to close the current skills gap in the cyber market. New data protection laws, which come with hefty fines, will make businesses think twice about their cyber security solutions; they'll boost their spending on new IT defence software to ensure they don't break the rules. However, the long-term success of next-generation cyber start-ups depends on their ability to attract equity investment.

Cybercrime costs in the United Kingdom (UK) reached an estimated 51.81 billion U.S. dollars in 2024. Between 2017 and 2024, this figure has seen a significant increase. According to the latest estimates, this dynamic will continue in upcoming years, reaching approximately 98 billion U.S. dollars in cybercrime costs by 2028.

As of January 2024, around ** percent of businesses in the United Kingdom (UK) encountered disruptive cybersecurity breaches or cyberattacks in the last 12 months. This is a notable increase since 2022, when the figure stood at only ** percent.

As of January 2024, about ** percent of organizations in the United Kingdom reported experiencing a data breach accident once a month. A further ** percent said they had encountered a data breach event less than once a month in the past 12 months. Meanwhile, ** percent said they had experienced a data breach incident once a week.

Ponzi schemes that offer absurdly high rates of return by relying on more and more people paying into the scheme have been documented since at least the mid-1800s. Ponzi schemes have shifted online in the Internet age, and some are re-branded as HYIPs or High Yield Investment Programs. This paper focuses on understanding HYIPs' continuous presence and presents various possible reasons behind their existence in today's world. A look into the countries where these schemes purport to exist, we find that 62.89% of all collected HYIPs claim to be in the United Kingdom (UK), and a further 55.56% are officially registered in the UK as a 'limited company' with a registration number provided by the UK Companies House, a UK agency that registers companies. We investigate other factors influencing these schemes, including the HYIPs' social media platforms and payment processors. The lifetime of the HYIPs helps to understand the success/failure of the investment schemes and helps indicate the schemes that could attract more investors. Using Cox proportional regression analysis, we find that having a valid UK address significantly affects the lifetime of an HYIP.

This statistic displays the findings on a survey on the levels of awareness of risks of cybercrime in the United Kingdom (UK) in October 2019. During the survey period, it was found that ** percent of respondents stated that they felt fairly well informed about the risks of cybercrime. ** percent felt very well informed, and **** percent felt not informed at all on the topic for the evaluated period.

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Cyber Insurance Market Size 2025-2029

The cyber insurance market size is forecast to increase by USD 13.29 billion at a CAGR of 23.2% between 2024 and 2029.

The market is experiencing significant growth driven by the increasing adoption of technology and the resulting heightened risk of cyber attacks. According to recent estimates, the global cybercrime damages are projected to reach USD6 trillion annually by 2021, underscoring the urgent need for cybersecurity measures and insurance coverage. This trend is particularly prominent in regions with advanced digital economies, such as North America and Europe. However, the market's growth trajectory is not without challenges. One of the most pressing issues is the lack of standardization in cyber insurance policies, which can make it difficult for businesses to compare offerings and choose the most appropriate coverage. Additionally, the rapidly evolving threat landscape and the increasing sophistication of cybercriminals necessitate continuous innovation and adaptation from insurers to stay competitive. Companies seeking to capitalize on market opportunities and navigate these challenges effectively should prioritize building strong partnerships with technology providers, investing in advanced threat intelligence and analytics, and offering flexible and customizable policies that cater to the unique needs of their clients. By staying agile and responsive to market demands, cyber insurance providers can differentiate themselves and seize the significant growth potential in this dynamic market.

What will be the Size of the Cyber Insurance Market during the forecast period?

Request Free SampleThe market continues to experience significant growth as businesses increasingly recognize the need to mitigate risks associated with cyber threats. According to recent industry reports, The market is projected to reach substantial size by 2026, driven by the increasing adoption of cloud computing, Internet of Things (IoT), and remote working. Cyber criminals continue to target organizations through various means, including data breaches, internet-based attacks, and IoT malware. Consequently, there is a growing demand for cyber insurance policies that provide coverage against financial losses resulting from these threats. Large enterprises are leading the charge in purchasing cyber insurance, recognizing the potential financial and reputational damage that can result from a cyber attack. IT infrastructure and information policies are critical components of cybersecurity, and cyber insurance can help organizations manage risks in these areas. Virtual private networks (VPNs) and other security measures are also important considerations for businesses seeking to protect their digital assets. Cybersecurity ventures and technology companies, such as SonicWall Cyber Threat Intelligence and SonicWall Capture Labs, play a crucial role in identifying and mitigating cyber threats. Information governance and cybersecurity best practices are essential for businesses to effectively manage their cyber risk and reduce the likelihood of a breach. Overall, the market is expected to remain a dynamic and evolving sector as businesses continue to grapple with the complexities of cybersecurity in an increasingly interconnected world.

How is this Cyber Insurance Industry segmented?

The cyber insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TypeLarge enterprisesSmall and medium-sized enterprisesSolutionStandalonePackagedGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth AmericaBrazilMiddle East and Africa

By Type Insights

The large enterprises segment is estimated to witness significant growth during the forecast period.Large enterprises are increasingly vulnerable to cyber threats due to their size, complex IT infrastructure, and valuable data. Cyber insurance has emerged as a crucial risk management tool for these organizations, providing financial protection against data breaches, ransomware attacks, phishing scams, and other cyber incidents. According to Munich Re experts, The market is expected to reach USD20.4 billion by 2027, driven by the growing number of cyber threats and the increasing awareness of the need for risk mitigation. Cyber criminals continue to target large enterprises, exploiting vulnerabilities in cloud computing, Internet of Things (IoT), and Operational Technology (OT) systems. In 2023, SonicWall Cyber Threat Report identified over 10 million IoT malware attacks and 1.5 billion phishing attacks. Cyber ILS, a cyber catastrophe bond, and crypto insurance services have gained popularity as additional layers of protection against cyber risks. Large enterprises are investing in AI-

Data breach density In the United Kingdom (UK) has slightly decreased between the third quarter of 2022 and the third quarter of 2023. In the first measured quarter, the number of exposed data points per thousand individuals in the country reached ****, while it went down to *** in the third quarter of 2023. Overall, breach density in the United Kingdom was relatively lower than in other worldwide markets.