According to recent data from the Association of British Insurers (ABI), UK insurers paid out £197 million in cyber insurance claims last year – a 230% jump from 2023.
Over half of those claims were linked to malware or ransomware.
That’s not a typo. More than double the previous year’s total, and most of it caused by the same types of attacks we’ve been warning about for years.
It tells you two things:
Attacks are getting through far too easily.
Too many organisations still think “we’re insured” means “we’re protected.”
It doesn’t.
Insurance helps you recover – it doesn’t stop the breach
Cyber insurance is a safety net, not a shield. It covers the financial impact when something goes wrong, downtime, recovery costs, data loss, PR clean-up, but it won’t stop the attacker getting in.
In fact, most insurers now expect you to prove that your security is in good shape before they’ll even consider a payout. If you can’t show proper controls, like MFA, patch management, or backups, you may find the small print isn’t on your side.
That’s where cyber security comes in. The best protection is to avoid the claim altogether.
The basics that make a real difference (and don’t normally cost a penny)
Turn on MFA everywhere you can. It blocks the majority of credential-based attacks.
Use strong passphrases instead of short passwords. A password manager like Keeper makes this simple.
Keep everything updated. Set your devices to install updates automatically.
Test your backups. If they don’t restore, they’re not backups – they’re wishful thinking.
Pause before you click. Modern phishing is convincing, but taking a few seconds to verify a message can stop a major incident.
These are small, free steps that give you a fighting chance. They also show insurers and auditors that you take cyber risk seriously.
Building stronger protection with the right tools
At Black Swan Cyber Security Solutions, we help organisations move from “insured” to secure and compliant. Our job isn’t to sell fear – it’s to make sure schools, small businesses and MATs have real-world protection that works quietly in the background.
We use trusted vendors and proven platforms:
Heimdal NGAV & MXDR – 24/7 managed detection and response with real human threat hunters.
Huntress EDR/ITDR & SIEM – 24/7 managed detection and response for your devices and M365 environment
Check Point Harmony Email & Collaboration – defence against phishing, account takeover and business email compromise.
Axcient Immutable Backups – ransomware-resistant, with verified restore points.
Connectwise Cloud Backup – backup for M365 – just because it’s in the cloud, it doesn’t mean it’s secure.
CyberSmart – to help you achieve Cyber Essentials. We can also help you achieve the cheaper SMB1001 certification, proving you meet core security standards.
Security Awareness Training (Usecure, CyberSmart & Huntress) – to keep your team alert and confident.
We tailor these around your organisation – no off-the-shelf setups, no jargon. Whether you’re a nursery, a school, a MAT or a small business, you get protection that fits how you actually work and what compliance frameworks you fall under.
Insurance should be your backup plan, not your first line of defence
When you invest in good cyber hygiene, your insurance becomes a reassurance, not a necessity. You don’t want to test how well it pays out – you want to avoid needing it at all.
And that’s exactly what we help our customers do.
Because being cyber insured is one thing.
Being cyber resilient is far better.
