The cyber insurance market is set for explosive growth as organizations increasingly seek financial protection against rising cyber threats. This surge in demand reflects a broader shift in how businesses approach risk management, viewing cyber insurance not just as an option but as a necessity.
As the market evolves, insurers and businesses alike must adapt to meet the complex demands of protecting against the financial impacts of cyber incidents. The anticipated growth underscores a shift towards integrating cyber insurance into the core of organizational resilience strategies.
Cyber insurance set for explosive growth
CyberCube | Projecting Cyber Insurance Growth: A 10-Year US Market Outlook | September 2024
- CyberCube has modeled three CAGR factors for the US insurance industry to 2034: 10% growth resulting in $17 billion of premium; 20% growth leading to $45 billion of premium and 30% growth creating $109 billion of US cyber premium.
Companies spend more on cybersecurity but struggle to track expenses
Optiv | 2024 Cybersecurity Threat and Risk Management Report | July 2024
- Only 29% of respondents say their organizations have cybersecurity insurance.
- 49% of…
