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UK cyberattacks led to record insurance payouts in 2024

Front view of an M&S store in the UK
A number of major UK retail outlets have faced damaging cyberattacks this year. Photo: Matt Cardy/GettyImages

Hameed Shuja

2 min read
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UK government and insurers urge businesses not to ignore cyber risks, as major retailers try to recover from a string of costly cyber attacks this year.

UK businesses applied for a record £197m ($258m) in cyber insurance claims in 2024, highlighting the seriousness of the threat posed to the industry by cyber attacks.

The amount showed a 230% year-on-year increase, with an extra £138m ($181m) claimed compared to 2023, according to figures published this week by the Association of

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