NEW YORK, March 24, 2023 /PRNewswire/ — The global cyber insurance market size is estimated to grow by USD 42,812.64 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.92% during the forecast period. The growth of the market is driven by the widespread adoption of technology. The rapid adoption of technology has increased the dependence on the internet to conduct transactions, store and process data, and manage finances. It has also led to an increased number of connected devices, cloud-based services, and mobile applications. This has increased the frequency and severity of cyber-attacks worldwide. Cyber insurance provides cover for a range of events, such as data breaches, network interruption, and cyber extortion. Thus, with the growing number of cyber attacks, the demand for cyber insurance will increase during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Major challenges hindering the market growth
The lack of standardization…
