With the cyber insurance market showing signs of improvement, it could be time to consider cover. To keep you up-to-date with the latest developments, Aon is running a free cyber webinar for the public sector. Alison Goodwin, public sector practice leader at Aon, has the details.
Cyber attack or data breach is the number one risk in Aon’s Global Risk Management Survey (1), with the global cost of cyber crime expected to increase to $13.82 trillion by 2028 – up from $7.08 trillion in 2022 (2).
While large corporates may seem the obvious target for the cybercriminals, public sector organisations are at just as much risk. Recent high-profile incidents include a cyberattack on Leicester City Council (3) that forced it to shut its IT and phone systems for more than a week, and a ransomware attack on pathology services provider Synnovia, which disrupted tens of thousands of hospital and GP appointments across London (4).
Take cover
Given the risk, cyber insurance can provide peace of mind to any organisation that, if their cyber security measures fail to keep the criminals out, there is cover to support them following an incident.
High minimum security standards have made it difficult to arrange cyber insurance over the last few years, but there are signs this is beginning to change.
This year, there’s more competition in the market. As well as new entrants, ratings have improved and there’s more appetite for public sector risk. We’ve also seen more interest in cyber insurance from public sector organisations.
Enquiries are coming from all areas of the public sector but we have also seen increased interest from the teams responsible for pension schemes. The large amount of personal data and assets these hold mean they are a target for cyber criminals, as the 2023 attack on pensions administrator Capita demonstrates (5).
Your cyber update
To help you find out more about the market, and how to protect your organisation, Aon is running a free webinar on Tuesday 20 May 2025 12-1pm where our cyber broking and consulting specialists will look at how the market is changing and how public sector organisations can benefit from this.
As well as finding out how the market and risks are evolving, everyone attending the webinar will receive free additional market information and also some valuable risk management tools to help you look to mitigate cyber risk across your organisation.
Register to join for free here
(1) Global Risk Management Survey | Aon
(2) Chart: Cybercrime Expected To Skyrocket in Coming Years | Statista
(3) Criminal investigation into Leicester City Council cyber-attack - BBC News
(4) NHS England — London » Update on cyber incident: Clinical impact in south east London – Thursday 15 August
(5) https://www.bbc.co.uk/news/business-65443841
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues in over 120 countries provide our clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information and use sources that we consider to be reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting the Aon's newsroom and sign up for News alerts here. ©2025 plc. All rights reserved.
This article has been compiled using information available to us up to 25/02/2025
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Aon UK Limited is registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500