CyberCube, a provider of cyber risk analytics for the insurance industry, and United Insurance Brokers (UIB), the insurance and reinsurance brokerage of Lloyds International, have released a joint research report exploring the expansion of the cyber insurance market in Asia.
In the report, Unlocking Asia’s cyber insurance opportunity: Brokers’ role in growth, CyberCube and UIB said that while standalone cyber insurance adoption is low in many Asian markets, accelerating digital adoption across the region is creating significant opportunities for cyber insurance growth.
The companies noted that in some countries, less than 5% of small businesses currently carry dedicated cyber insurance, highlighting the gap between rising digital risks and insurance adoption.
CyberCube and UIB said long-term market growth is unlikely to be sustained purely through current favorable pricing conditions in the soft cyber insurance market, as ample capacity and rate pressures continue to impact underwriting conditions. Instead, the report believes that future expansion is expected to increasingly come from developing markets such as Asia, supported by brokers looking for opportunities in the region.
“As cyber risk becomes increasingly important to business resiliency, brokers play a key role in helping organizations understand and build appropriate financial protection,” said Dimaggio Rigby, line director of cyber and finance at UIB. “We have seen strong demand in Asia over the past year, with the region expected to be one of the fastest-growing markets outside the United States by 2026. This is driven in part by growing awareness of increased cybersecurity risks as a result of increased demand for ransomware in the region.”
CyberCube said its broker-manager platform is supported by global cyber policy and claims data, demonstrating intermediaries’ growing focus on opportunities in the Asia-Pacific market. The company said its analytics tools are designed to help brokers communicate cyber risks to clients and provide benchmarking and financial modeling data to support cyber insurance recommendations.
Nate Brink, Head of Brokerage Partnerships at CyberCube, added: “CyberCube’s analysis of brokerage manager firm search volumes in Asia Pacific shows continued year-over-year growth in 2024 and 2025. This trend points to growing demand for cyber insurance in the large enterprise and small and medium-sized business (SMB) industries. The expansion of the SMB segment demonstrates the benefits of moving towards more widely available and standardized regional policy options.”
CyberCube and UIB pointed out that Asia is becoming one of the most important growth regions for the global cyber insurance industry. The companies noted that soft market conditions in the United States, the United Kingdom and parts of Western Europe are encouraging insurers and underwriters to pursue opportunities in high-growth areas, particularly in the mid-market and large corporate business areas.
Despite growing interest, CyberCube and UIB say cyber insurance penetration in Asia remains relatively low. The report notes that even in more mature markets such as Japan, South Korea, Hong Kong and Singapore, organizations with multi-billion dollar revenues tend to purchase relatively limited cyber insurance related to their risk exposures, indicating high levels of underinsurance but greater potential for growth.
UIB highlighted that through its partnership with CyberCube, it supports organizations across Asia to assess cyber risks, benchmark insurance limits and build insurance plans that reflect changing digital risks. CyberCube added that its customer base in the Asia-Pacific region continues to expand.
The report also cited a series of recent cyber incidents involving major organizations in Asia, which CyberCube and UIB said demonstrated the growing operational and financial impact of cyber threats in the region.
Highlighted examples include a ransomware attack involving Bank of China’s Singapore branch in April 2025, operational disruptions at Japanese beer maker Asahi following a cyberattack in September 2025, and a cyber incident affecting South Korean e-commerce company Coupang in December 2025, which reportedly compromised customer information.
CyberCube and UIB say such incidents are prompting a change of attitude among corporate boards and senior decision-makers, with organizations increasingly reassessing their cyber resilience strategies and financial protection arrangements. The companies added that post-incident discussions also created opportunities to raise awareness of cyber exposure across industries.
Ransomware, phishing attacks and business email breaches remain the most common cyber threats affecting organizations in Asia, CyberCube and UIB said. The companies also said that advances in artificial intelligence and large language models are making phishing and social engineering attacks more convincing, scalable and effective across multiple languages and markets.
CyberCube’s analysis of ransomware activity in emerging economies found that Vietnam is one of the countries with the fastest growth in ransomware-related activity from mid-2024 to mid-2025. The company links this growth to rapid digitization, expanded manufacturing activities and further integration into international supply chains.
UIB said conversations with clients in Asia are increasingly focusing on ransomware scenarios, business interruption risks, contractual cyber insurance requirements within supply chains, and the need for improved benchmarking when determining appropriate insurance limits.
CyberCube’s analysis also identifies India as a significant growth market in the region, driven in part by increased adoption of cyber insurance among SMEs. The company said that while financial services continues to be the industry with the largest demand for cyber insurance, demand for cyber insurance has increased significantly among small manufacturing companies in India. CyberCube also identified emerging growth trends in Hong Kong and Singapore.
The report notes that increasing reliance on a relatively small number of global cloud and technology providers is leading to increased systemic cyber risks, particularly in Asia’s connected digital markets. Insurers have responded by providing broader cover for IT supply chain failures and rolling out policy wording designed to address third-party supplier risks associated with cyber incidents and business interruption losses, UIB said.
CyberCube and UIB also said regulatory developments and contractual requirements are expected to be increasingly important drivers of cyber insurance adoption in the region. Organizations seeking to contract with governments or multinational enterprises may face increasing expectations for cyber insurance protection as part of procurement and compliance requirements, the companies said.
The UIB notes that many organizations in Asia continue to operate without dedicated cybersecurity leadership, dedicated IT security teams or structured approaches to cyber risk financing. The broker said cyber insurance is increasingly being positioned as financial protection against operational disruptions, ransomware attacks and business interruption losses, often combined with preventive cybersecurity and incident response services provided by partnerships between insurers, technology providers and cybersecurity firms.
CyberCube and UIB said brokers are expected to continue to play an important role in helping organizations transform cyber risks into structured financial protection. UIB said it has prioritized analytics, education, specialization and digital distribution to meet changing customer needs, with discussions increasingly moving beyond technical IT issues to broader operational resilience and financial risk considerations.
The report concludes that Asia is expected to play an increasingly important role in the future development of the global cyber insurance market. CyberCube and UIB note that while insurance penetration remains relatively low in most of the region, increasing digital dependence, increasing ransomware activity, evolving regulations, and heightened awareness of cyber risks are likely to support continued market growth.
