Ransom Rumbles: UK Firms Battle Cyber Threats with Backup Power
UK companies filed more cyber insurance claims last year than any year except 2023, according to Marsh. Despite a 20% drop from 2023, claims were still a third higher than 2020-2022. Ransomware remains the top culprit, but more firms are refusing to pay up, preferring to dodge extortion and keep their wallets intact.
Hot Take:
Looks like the UK has become the cyber equivalent of that one friend who always has a wild story to tell at parties. Only instead of crazy adventures, it’s ransomware attacks and cyber insurance claims. But hey, at least we can say we’re number one in something, right?
Key Points:
- UK saw more cyber insurance claims last year than any year except 2023.
- Ransomware remains the top reason for these claims.
- Claims dropped by 20% from 2023 but were still significantly higher than in previous years.
- Ransom demands have increased, but firms are less likely to pay.
- Some ransomware groups have resorted to threatening physical violence.
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