UK Property Businesses Face Significant Cyber Risk Due to Low Insurance Uptake
Cyber insurance remains underpenetrated among UK real estate and renting businesses despite an increase in cyberattacks. According to GlobalData's Q1 2025 UK SME Insurance Survey, penetration rates are below the overall SME market across all business sizes. The report highlights that property companies handle sensitive customer data, making them attractive targets for cybercriminals who can exploit this information for fraud and financial gain. Cyberattacks against UK property services businesses rose from 178 in 2024 to 208 in 2025. Conveyancing fraud alone resulted in £11.7m ($15.6m) in losses during the year ending March 2025, with an average loss of £78,393 per case. Senior Insurance Analyst at GlobalData notes that property businesses are increasingly reliant on digital systems and hold large amounts of sensitive data. The report suggests a market opportunity for insurers to address this protection gap by improving awareness among small firms about the financial risks associated with cyber incidents. Insurers must simplify distribution and demonstrate how insurance can complement cybersecurity measures as digital interactions in the sector continue to grow.
Topics: cybersecurity data breaches insurance penetration UK real estate