Cyber insurance in the new world is becoming more critical than ever
As businesses and people continue to rely more and more on technology, the need for cyber insurance grows. In fact, the global cyber insurance market is expected to reach $14 billion by 2026, with an estimated annual growth rate of approximately 22.8%.
But what exactly drives the high demand for cyber insurance?
One major factor is the increasing frequency and severity of cyber attacks. In 2020, there were more than 4,000 publicly disclosed data breaches, leading to the exposure of nearly 20 billion records. These attacks can have serious financial consequences for businesses, and cyber insurance can provide much-needed protection and financial support in the event of an attack.
Another factor contributing to the growth of the cyber insurance market is the increase in the number of regulations and laws related to information protection and privacy. Many businesses are now required to have cyber insurance in order to comply with these regulations and protect themselves from potential fines and legal actions.
Overall, the world’s cyber insurance capacity is growing rapidly due to the growing need to protect against cyber attacks and an increasing number of regulations related to data protection. If you are a business owner or an individual seeking to protect yourself and your assets from the financial consequences of a cyber attack, now is the time to consider purchasing cyber insurance.