Cyber security insurance market set to soar

With cyber incidents the biggest risk to businesses across the globe, the market for cyber security insurance is set to increase, according to Advance Market Analytics’ Cyber Security Insurance Market Insights, to 2026.

Cyber security insurance could help businesses to mitigate their losses should they be targeted and experience data breaches, information theft or network damage. The report believes the market will be drive by the ever-expanding number of cyberattacks that happen across the globe. The Covid pandemic opened up many organisations to cyber threats due to remote operations and work-from-home policies. Although remote working was swiftly put in place, the cyber protection to support it was lagging, as evidenced by increases in cyber attacks. It remains to be seen whether there is sufficient cyber data readily available to enable the accurate underwriting of any such policies.

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