Cyber insurance premiums expected to rise for UK retailers
09/05/2025 | Financial Times
Cyber insurance costs are predicted to rise significantly for UK retailers following the spate of recent cyberattacks on well-known high street brands such as Marks and Spencer, Harrods, and the Co-op. The development is expected to exacerbate the existing trend of rising premiums within the retail sector. Retailers could face increases of up to 10 per cent as a direct consequence of these recent cyberattacks. The move will prompt cyber insurance underwriters to intensify their scrutiny of retailers' cybersecurity measures, increase premium rates, and potentially lead some insurers to reassess their willingness to provide cyber insurance coverage to retail businesses. Retailers without cyber insurance are encouraged to invest while it's still a "buyers market".
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