Cyber Insurance Market Expected to Surge in 2021

The global cyber insurance market is projected to grow by 21% next year, reaching $9.5bn in value, according to new data by insurance firm Finaria.it.

This is as a result of greater recognition of the increasing cyber-threat landscape, exacerbated by the shift to remote working this year. Finaria added that the cyber insurance market is expected to reach $20.4bn by 2025, as more organizations look to protect themselves from malicious actors.

In its analysis, the company cited data showing that almost one-quarter of all cyber insurance claims between 2013 and 2019 were in the healthcare sector, an industry particularly heavily targeted by attackers this year amid the COVID-19 pandemic. Healthcare was followed by IT and telecommunications, insurance, retail and wholesale and manufacturing as the sectors with the most claims.

Almost three-quarters of claims in this period involved an insurance clause related to breach incident response and crisis management. In second place was data privacy breaches, with cyber-extortion in third.

In the first half of 2020, ransomware attacks were found to be the biggest cause of cyber insurance claims in North America.

Data from the Ponemon institute’s Cost of a Data Breach Report earlier this year was also highlighted, which showed that healthcare has the most expensive data breach costs, at $7.13m per incident, with energy in second at $6.39m per breach. This is followed by financial services ($5.85m), pharma ($5.06m) and technology ($5.04m).

Finaria.it commented: “Over the years, cyber-attacks and data breaches became one of the biggest risks in the busi ..

Support the originator by clicking the read the rest link below.