Attackers are now leveraging cutting-edge tools like AI and automation to deliver increasingly targeted and complex threats. For example, AI is being used to craft highly convincing phishing scams, automate reconnaissance, and even disrupt critical infrastructure.

The rise of Ransomware-as-a-Service (RaaS) has also made sophisticated attacks more accessible. Cybercriminals can now purchase ransomware tools on the dark web, enabling even inexperienced hackers to launch devastating attacks.

The shift to cloud technology and hybrid work environments has created a larger attack surface for businesses. With more systems online, vulnerabilities specific to the cloud have become an attractive target.

We’re also seeing a worrying trend where cyber and physical threats are being combined. Attacks on supply chains and critical infrastructure, such as utilities or transport systems, like last year’s TfL’s cyber attack that almost brought London to a standstill, are becoming more common.

Economic and geopolitical factors add another layer of complexity. Cybercrime groups are increasingly state-sponsored or working in line with political agendas, leading to larger-scale and more frequent attacks.

The future impact of cyber threats

The cost of cybercrime is set to keep rising, with ransomware and supply chain attacks predicted to become even more prevalent. Businesses of all sizes will need to navigate the challenge of securing increasingly complex IT environments.

Defensive measures

To stay ahead, organisations should:

● Invest in robust cybersecurity frameworks like Zero Trust Architecture.

● Partner with technology providers to carry out continuous vulnerability assessments.

● Use AI-driven tools to counter AI-enabled attacks.

● Stay on top of compliance, especially as new regulations like AI privacy laws emerge.

The role of cyber security insurance

As cybercriminals get more sophisticated, the demand for cyber security insurance is growing rapidly. In the UK alone, a third of businesses experienced cyber breaches in 2023. These ranged from phishing attacks to ransomware, leading to financial losses, reputational damage, and operational disruption.

For businesses of all sizes, cyber security insurance is becoming essential.

What cyber security insurance covers

Cyber security insurance is designed to protect businesses from the fallout of cyber-attacks. This can include:

● Legal and regulatory fees

● Notification and monitoring for affected parties

● Recovery of stolen funds

● Business interruption losses

Who needs cyber security insurance?

David Ritchie, Propel Tech founder, gives the inside track: 

“Whether you’re running a small business or a global corporation, cyber insurance offers critical peace of mind. Industries like healthcare, finance, and retail—which handle large volumes of sensitive data—are particularly at risk. That said, smaller businesses are often targeted due to their perceived vulnerabilities.”

Meeting cyber security insurance requirements

Insurers expect businesses to demonstrate robust cyber defenses before offering coverage. Key measures include:

● Cyber Essentials Plus certification: A UK government-backed scheme that ensures basic cybersecurity practices are in place. Cyber Essentials Plus adds third-party verification for additional assurance.

● Secured infrastructure: Servers, networks, and cloud systems need to be protected against vulnerabilities.

This is where Propel Tech can help. For instance, we recently assisted a client in moving to a secure cloud environment, allowing them to meet insurance requirements while boosting their overall security.

How bespoke software can help

Tailored software solutions can play a vital role in securing your business and meeting insurer requirements. At Propel Tech, we specialise in:

● System hardening: Implementing firewalls, encryption, and multi-factor authentication to protect your assets.

● Proactive monitoring: Using real-time monitoring tools to identify and respond to threats.

● Data backup systems: Ensuring reliable, secure recovery options in case of an attack.

● Compliance support: Developing tools that help businesses stay in line with regulations like GDPR.

More than just insurance

Andy Brown, Propel Tech co-founder, explains the broader benefits of cyber insurance:

“It isn’t just about financial protection—it encourages businesses to adopt better security practices. Having robust measures in place not only protects your operations but also builds trust with clients and stakeholders.

“While Cyber insurance is a critical safety net, it’s only as good as the systems behind it. Businesses need to work closely with technology partners to reduce risks and ensure they meet insurers’ stringent requirements.”

Next steps

To get your business ready for cyber insurance:

● Audit your security to identify vulnerabilities.

● Achieve certifications like Cyber Essentials Plus.

● Partner with trusted technology experts to implement tailored solutions.

● Educate employees to recognise and avoid common threats like phishing.

Talk to Propel Tech

By combining insurance with strong cybersecurity measures, you can safeguard your business against the ever-evolving risks of the digital world and step confidently into 2025. Contact us to discuss how we could help to make you business cyber insurance-ready.