Cyber insurance soaring as risks rise

Insurance and financial services buy the most cyber insurance -- but as the cost goes up, will that dampen desires to ease risk? (Photo: Shutterstock)
Insurance and financial services buy the most cyber insurance — but as the cost goes up, will that dampen desires to ease risk? (Photo: Shutterstock)

In 2016, the size of the global cyber insurance market was valued at $3,416.4 million. But by 2023, it’s expected to balloon to $16,970 million, after see a compound annual growth rate of 20 percent in the interim.

That’s according to a report by PS Market Research that credits loss of brand reputation from cyber attacks as a primary reason cited by “most of the industry leaders” for adopting cyber insurance programs.


Read more at: http://www.benefitspro.com/2017/11/15/cyber-insurance-soaring-as-risks-rise

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