More organizations than ever subscribe to cyber insurance, yet the number of claims are plummeting, according to a new report by UK backup solutions provider Databarracks.
In its 2024 Data Health Check report, the firm found that 66% of UK organizations reported having cyber insurance in 2024, rising from 51% in 2022 and 57% in 2023.
However, organizations making cyber insurance claims dropped from 58% in 2022 to 36% in 2024.
The financial compensation organizations claim has also decreased, with claims over £1m ($1.3m) decreasing from 48% to just 16% in 2024.
Broader Adoption of Business Continuity Plans
Cyber incidents continued to wreak havoc in organizations and are the leading cause of IT downtime (24%) and data loss (46%) in 2024.
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