Cybercrime is rising globally, with 2025 costs estimated to dwarf amounts recorded in previous years.
Highlighting the scale of the problem is Steve Morgan, founder of Cybersecurity Ventures and editor-in-chief at Cybercrime Magazine. “We expect global cybercrime damage costs to reach $10.5 trillion USD annually in 2025, up from 3 trillion in 2015,” he says.
AI contributed to the problem, and now to the solution, Morgan emphasizes. “AI is definitely a double-edged sword, but a few years ago it was a single-edged sword and cybercriminals had the upper hand. It’s a level playing field now,” he says.
Insurance Business Magazine recently selected the best cyberinsurance companies in the U.K. To select the “5-Star Cyber 2025“, the publisher enlisted some of the industry’s top experts.
The following award winning insurers provide policies that help protect U.K. organizations against cybercrime: Travelers; Brit Insurance; Aviva, Beazley; CFC; Chubb; Coalition; Cowbell; Dual; MPR Underwriting; Munich Re Specialty; Pen Underwriting; and QBE.
Insurance Business Magazine notes the U.K. cyberinsurance market was forecasted to reach $1.35 billion in 2024, while increasing at a compound annual growth rate (CAGR) of 13.4 percent to reach $2.53 billion by 2029.