Cyber insurance gap grows as 32% unaware of cover

Another 31% cited price, whilst 19% said they did not understand the product.

More than half of individuals have experienced or have been affected by a cyberattack, yet only 41% said they had no cyber insurance and did not plan to buy one.

Awareness remains a major issue for insurers. Amongst people without personal cyber insurance, 32% said they did not know such cover existed, according to Munich Re’s Global Cyber Risk and Insurance Survey 2026.

Meanwhile, 37% of respondents said they were considering taking out a personal cyber insurance policy and were very likely to do so.

The survey found that 58% of respondents have already been affected by a cyberattack, with online shopping fraud, malware, fraudulent bank transfers, data theft and identity theft amongst the most common incidents. 

Another 31% cited the price of coverage, whilst 19% said they did not understand the product or what it covered. A further 14% said they did not believe they had cyber exposure.

Munich Re said personal cyber policies can cover losses linked to online shopping scams, unauthorised transactions and misdirected payments.

In cases involving phishing or account takeover, cover may also include access to 24/7 cyber response services to help secure compromised accounts and limit further financial damage. 

For identity theft, policies may include reimbursement of related costs and support with identity restoration, credit agencies, legal processes and data recovery.

The survey also showed that interest in personal cyber insurance has risen steadily. The share of people considering a policy increased from 28% in 2021 to 34% in 2022, 36% in 2024 and 37% in 2026.

The main reasons people gave for having cyber insurance were peace of mind, cited by 48%, reimbursement for financial losses, cited by 43%, access to expert support and services, cited by 35%, recovery of lost data, cited by 33%, and help understanding and measuring cyber risks, cited by 24%.

Global fraud losses are estimated at up to $500b a year, although that figure is not limited to digital fraud.