The cyber insurance market has evolved to offer more comprehensive coverage and tailored policies to meet the specific needs of different industries and organizations. Insurers are providing a range of services, including risk assessment, incident response planning, and post-incident support, which have made cyber insurance more attractive to businesses.
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) — The Global Cyber Insurance Market size was projected to be USD 12.1 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of USD 14.8 billion. During the forecast period, the global market for cyber insurance is expected to garner a 22.3% CAGR and reach a size of USD 90.6 billion by 2033.
Cyber insurance refers to a type of insurance coverage that protects businesses and individuals against financial losses and liabilities resulting from cyber-attacks, data breaches, and other cyber incidents. It helps organizations manage and mitigate the risks associated with cyber threats by providing financial compensation for various costs, including data breach response, legal fees, regulatory fines, business interruption, and customer notification.
The cyber…
