‘Cyber Scotland Week’ (Monday, February 24 – Sunday, March 2, 2025) raises awareness of cyber security, and its timing couldn’t be better, according to Tysers Insurance Brokers, who report a staggering 300% increase in cyber claims from their UK clients over the past four years.
“Between 2020 and 2024 we have seen a significant rise in the number of claims made by our clients and also in the cost of individual claim settlements,” advises John Franks, director of UK retail claims at Tysers.
Tysers’ claims data highlights the rapid growth of cybercrime across the globe with UK specific research1
revealing that the frequency and severity of the crimes have risen dramatically, with corresponding financial losses for UK businesses. 50% of businesses1 in the UK reported some type of cyber-attack with an average cost of £10,8301 for medium to large businesses.
UK businesses
Police crime figures in Scotland2 corroborate this trend. From 2023 to 2024 an estimated 16,890 cyber crimes were notified to police, an increase of 13% on the previous year. ‘Fraud’ and ‘crime of threats and extortion’ made up 11,970 of the total cases reported.
Reflecting on the rise in insurance claims Sam Towler, client director at Tysers, notes: “Business owners are becoming increasingly aware of the serious threat that cyber criminals pose to their long-term financial stability. Savvy businesses are investing in robust, standalone cyber and crime insurance protection, as the cyber section of combined policies is often not adequate.
“Cyber security education is critical to supporting businesses, so they are better equipped to understand and respond to emerging cyber risks. While Artificial Intelligence is revolutionising industries with solutions that, for example, enhance efficiency, conversely it is being weaponised by cyber criminals with deepfake technology making spotting fraudulent activity increasingly challenging.”
Is your business exposed to cyber-crime? Chamber members are invited to learn how to protect their businesses by attending an educational cyber webinar hosted by Tysers. To register your interest please click here.
1 The Cyber Security Breaches Survey, a research study for UK cyber resilience.2023/2024.
2Police recorded cyber-crime in Scotland - Recorded Crime in Scotland, 2023-24 - gov.scot