CyberCube, a provider of cyber risk analytics for the insurance industry, and United Insurance Brokers (UIB), the international Lloyd’s insurance and reinsurance broker, have released joint research examining the expansion of the cyber insurance market across Asia.
In the report, Unlocking Asia’s Cyber Insurance Opportunity: The Broker’s Role in Growth, CyberCube and UIB state that accelerating digital adoption across the region is creating significant opportunities for cyber insurance growth, despite low levels of standalone cyber insurance uptake in many Asian markets.
The companies note that in several countries, fewer than 5% of small businesses currently purchase dedicated cyber cover, highlighting the gap between rising digital exposure and insurance adoption.
According to CyberCube and UIB, long-term market growth is unlikely to be sustained purely through favourable pricing conditions within the current soft cyber insurance market, where abundant capacity and pressure on rates continue to shape underwriting conditions. Instead, the report argues that future expansion is expected to come increasingly from developing markets such as Asia, supported by brokers identifying opportunities across the region.
“As cyber risk becomes increasingly central to business resilience, brokers are playing a critical role in helping organisations understand and structure appropriate financial protection,” said Dimaggio Rigby, Head of Cyber and Fin Pro Lines at UIB. “We have seen strong demand from Asia in the past year, with the region poised to emerge in 2026 as one of the fastest-growing markets outside the US. This has partly been fuelled by growing awareness of an increase in cybersecurity risks driven by a rise in ransomware demands across the region.”
CyberCube said its Broking Manager platform, which is supported by global cyber policy and claims data, shows that intermediaries are paying increasing attention to opportunities within the Asia-Pacific market. The company stated that its analytics tools are designed to help brokers communicate cyber exposure to clients and provide benchmarking and financial modelling data to support cyber insurance recommendations.
Nate Brink, Head of Broker Partnerships at CyberCube, added: “CyberCube’s analysis of Broking Manager APAC company searches reveals a consistent year-over-year increase in 2024 and 2025. This trend points to growing demand for cyber insurance across both the large corporate and Small-to-Medium Business (SMB) sectors. The expansion within the SMB segment suggests a favorable movement toward more widely available and standardised regional policy options.”
CyberCube and UIB noted Asia is becoming one of the most important growth areas for the global cyber insurance sector. The companies noted that softer market conditions in the United States, United Kingdom and parts of Western Europe have encouraged insurers and underwriters to pursue opportunities in higher-growth regions, particularly within middle-market and large corporate business segments.
Despite increasing interest, CyberCube and UIB said cyber insurance penetration across Asia remains relatively low. The report notes that even in more established markets such as Japan, South Korea, Hong Kong and Singapore, organisations with multi-billion-dollar revenues often purchase comparatively limited levels of cyber insurance cover in relation to their exposure, suggesting significant levels of underinsurance alongside wider growth potential.
Through its partnership with CyberCube, UIB highlighted it supports organisations across Asia in assessing cyber exposure, benchmarking insurance limits and structuring insurance programmes that reflect changing digital risks. CyberCube added that its client base across the Asia-Pacific region continues to expand.
The report also refers to a series of recent cyber incidents involving major organisations in Asia, which CyberCube and UIB said demonstrate the growing operational and financial impact of cyber threats within the region.
Examples highlighted include a ransomware attack involving the Singapore branch of the Bank of China in April 2025, disruption to operations at Japanese brewer Asahi following a cyber attack in September 2025, and a cyber incident affecting South Korean e-commerce company Coupang in December 2025 that reportedly exposed customer information.
CyberCube and UIB said incidents of this nature are contributing to changing attitudes among corporate boards and senior decision-makers, with organisations increasingly reassessing cyber resilience strategies and financial protection arrangements. The companies added that post-incident discussions are also creating opportunities to improve awareness of cyber exposure across industries.
According to CyberCube and UIB, ransomware, phishing attacks and business email compromise continue to be among the most common cyber threats affecting organisations across Asia. The companies also stated 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 identified Vietnam as one of the fastest-growing countries for ransomware-related activity between mid-2024 and mid-2025. The company linked this increase to rapid digitalisation, expanding manufacturing activity and greater integration into international supply chains.
UIB said conversations with clients across Asia are increasingly focused 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 identified India as a notable growth market within the region, supported partly by increasing cyber insurance adoption among small and medium-sized businesses. The company said that while financial services remains the largest sector for cyber insurance demand, requests for cyber insurance from smaller manufacturing companies in India have increased significantly. CyberCube also identified emerging growth trends in Hong Kong and Singapore.
The report states that growing reliance on a relatively small number of global cloud and technology providers is contributing to increased systemic cyber risk, particularly within interconnected digital markets across Asia. UIB said insurers are responding by introducing broader cover for IT supply chain failures and policy wording designed to address third-party supplier exposure linked to cyber incidents and business interruption losses.
CyberCube and UIB also stated that regulatory developments and contractual requirements are expected to become increasingly important drivers of cyber insurance adoption across the region. According to the companies, organisations seeking contracts with governments or multinational businesses may face growing expectations to demonstrate cyber insurance protection as part of procurement and compliance requirements.
UIB noted many organisations across Asia continue to operate without dedicated cyber security leadership, specialist IT security teams or structured approaches to cyber risk financing. The broker stated that cyber insurance is increasingly being positioned as a financial safeguard against operational disruption, ransomware attacks and business interruption losses, often combined with preventative cyber security and incident response services delivered through partnerships between insurers, technology providers and cyber security firms.
CyberCube and UIB said brokers are expected to continue playing an important role in helping organisations translate cyber risk into structured financial protection. UIB stated that it has prioritised analytics, education, specialisation and digital distribution in response to changing client requirements, with discussions increasingly moving beyond technical IT issues towards wider 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 noted that while insurance penetration remains relatively low across much of the region, increasing digital dependency, rising ransomware activity, evolving regulation and greater awareness of cyber exposure are likely to support continued market growth.
