Cyber Insurance Market: Market Overview
Cyber insurance is offered by insurers as a solution due to growing number of data breaches worldwide which creates lots of damage to businesses. Loss of data is observed as one of the significant risks to businesses and has a massive effect on the company earnings. Various companies have started seeing for ways of protecting themselves against cyber threats.
Traditional cyber insurance policies are provided only for protection against data loss. However, these cyber insurance policies are upgraded now as this financial loss incurred from the data breach. There is increasing demand for cyber insurance coverage from various industries. The cyber insurance terms and coverage of policies differ from insurer to insurer.
Therefore it becomes complicated for users to understand it, which will result in adverse impact on the cyber insurance market. Due to complexity from cyber threats, many insurers are focusing on offering flexibility in cyber risk management tools.
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With the continuous advancement in technology, techniques of cyber-attacks…
