Companies in Europe’s four biggest economies—France, Germany, Italy, and Spain—have faced heavy losses from cyberattacks over the past five years, with the total cost topping €300 billion (around $405 billion), a recent survey by insurance broker Howden shows. Nearly half of the companies surveyed said they experienced at least one cyberattack between 2020 and 2025, resulting in direct expenses exceeding €307 billion.
Howden points out that improving basic cybersecurity and increasing the use of cyber insurance could help companies avoid much of this damage. Their analysis suggests that cyber-related costs in these countries could drop by as much as two-thirds, potentially saving about €204 billion ($276 billion) during this period. Most of these savings would come from less severe attacks, with a smaller part due to fewer attacks overall.
Despite these huge costs, over 70% of businesses in these countries remain without cyber insurance, leaving a big protection gap. The situation is a bit better in the UK, where 61% of businesses are uninsured against cyber risks. The report also states that companies with insurance often face lower costs after an attack even before any claims are paid. This is because insurers push for stronger security measures and better risk management.
For example, a company making €500 million a year could save about €16 million ($22 million) over ten years by having cyber insurance, which means the insurance pays for itself and then some through reduced attack damage. Additionally, payouts from claims provide a further financial boost.
At the same time, cyber insurance prices are dropping. Howden reports that global rates are now 22% lower than their peak in mid-2022. This fall in pricing is partly due to more insurers entering the market, attracted by the industry’s strong profits. The biggest price drops have been in international markets, down 12% since January 2024, while the US has seen a smaller decline of 5%.
The data comes from a YouGov survey of 1,248 senior IT decision-makers across Germany, France, Italy, and Spain, conducted in July and August of 2025. The survey highlights a big challenge for companies: cyber risks are rising, but many remain unprotected. Increasing insurance coverage and better cybersecurity practices could save businesses billions and make them safer in the face of growing cyber threats.