QBE Insurance Group Ltd. said its research showed that 95% of companies in the U.K. are using AI, despite 80% of those polled agreeing that cybersecurity risks are increasing. QBE added that 53% of British companies experienced a cyberattack in the past year.
The insurer predicted in its latest Control Risks Report that the number of significant cyber-incidents in the U.K. will increase by 50% by the end of 2025.
David Warr, insurance portfolio manager for cyber at QBE, said AI presents both "challenges and opportunities" in information security.
"As AI tools become more accessible, cybercriminals are able to execute faster, more widespread attacks," Warr noted. "This heightened threat environment requires vigilance and ongoing training."
He added that "AI can enhance cyberdefenses by identifying weaknesses and enabling quicker responses" when it is managed effectively,
QBE said it polled 3,600 decision-makers at IT, administration or insurance companies across nine countries in April, including 400 in the U.K.
The research reveals an optimistic outlook regarding technological advances, the insurer said, with 87% of respondents saying AI will have a positive impact on their business. About 85% believe that the technologies will lift the wider U.K. economy within two years, the survey shows.
More than half — 56% — of those that had experienced a cyberattack said that some or all of these incidents were linked to a supplier. QBE said this highlights how third-party platforms, including AI services, widen the threat landscape.
"Organizations of all sizes, in the U.K. and globally, must strengthen their resilience [to cyber] — both to prevent threats and to ensure they can respond swiftly and effectively if an attack occurs," Warr said. "You can have the best systems in the world, but these will be vulnerable unless you have regular staff training."
Insurance giant Aviva said in May it had begun using AI tools to map the cyberthreats to which the companies in its portfolio are most exposed. It said it is the first insurer to integrate CyberCube's "portfolio threat actor intelligence" service into its exposure management strategy. The tool allows the insurance company to gauge which of its companies are most vulnerable to specific cyberthreats.
German reinsurer Munich Re said in April that the cyberinsurance market is expected to more than double by 2030 at an annual growth rate of more than 10%, despite slow growth in the last two years.
--Editing by Kathleen Hennessy.
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