With three large UK retailers, Harrods, M&S, and the Co-op, recently facing large cyber-attacks, insurance industry experts predict retail cyber insurance rates could rise by 10% due to increased scrutiny of cybersecurity practices from insurers following these incidents. This marks a reversal from previous years, where competition had driven rates down.

M&S, which suffered major disruption from an attack, may claim tens of millions in business interruption insurance, having lost an estimated £40 million in online sales. Co-op also revealed a data breach affecting customer contact details. The retail sector’s high data volumes, outdated systems, and customer service exposure make it particularly vulnerable to attack.

The UK’s cybersecurity agency also warned retailers of growing threats, particularly from sophisticated help-desk impersonation scams conducted by English-speaking attackers. These incidents underscore the critical need for having 100% visibility into your infrastructure for robust network security monitoring. With deep forensics capabilities, organizations can mitigate the risk of a cybersecurity incident and potentially lower their cyber insurance premiums as well. Read more about this story on our LinkedIn page