’Cyber insurance is not just a protective measure, but a strategic enabler of resilience that accelerates recovery, strengthens risk management and reduces financial losses,’ says international head of cyber
New research from global broker Howden has revealed that cyber attacks cost the four largest economies in Europe £267bn (€307bn) between 2020 and 2025.
Of companies surveyed across Germany, Italy, France and Spain, 49% reported that they had been subjected to a cyber attack in the last five years.
Howden added that £177bn (€204bn) of these losses could have been avoided through the broader adoption of basic cyber security and insurance, which would have more than offset the cost of adoption.
The broker also emphasised the urgency of growing the cyber premium pool in the currently softening market, with rate reductions having accelerated over the previous 12 months and global pricing now 22% down on the mid-2022 peak.
Despite this, the research noted that cyber insurance penetration remains low across Europe, with more than 70% of companies in the aforementioned four biggest European economies uninsured – notably higher than the UK’s figure of 61%.
However, 31% of surveyed businesses with annual revenues over €1m said they intended to purchase cyber insurance for the first time over the next five years.
Howden’s research came from analysis of a YouGov survey of 1,248 senior IT decisions makers that represented businesses across Germany, France, Italy and Spain, with fieldwork taking place between 24 July and 9 August 2025.
Critical threats
Jean Bayon de La Tour, international head of cyber for Howden, said: ”Howden’s report confirms the powerful role cyber insurance plays in mitigating one of the most critical threats facing businesses today.
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“Cyber insurance is not just a protective measure, but a strategic enabler of resilience that accelerates recovery, strengthens risk management and reduces financial losses.”
The broker’s chair for global cyber, Shay Simkin, added: ”Our research has quantified the costs of European attacks at roughly [£276bn] since the turn of the decade. The cyber protection gap is a societal issue that demands urgent attention and, at Howden, we are committed to working with clients and markets to build lasting resilience.
“Through increased insurance penetration and education about implementation, we can help businesses improve their cyber resilience and protect against loss of revenue from these attacks.”
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