NEW YORK, May 26, 2018 (GLOBE NEWSWIRE) — Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to increase in awareness and interest in cyber insurance, globally and thereby driving the growth of the cyber insurance market.
Data protection and privacy is one of the key cyber risks faced by the emerging economies due to ample generation of online and offline data. With cyber security related legislations becoming tougher globally, more notifications of, and significant higher fine for data breaches are driving the growth in demand for cyber insurance across all sized enterprises. Legislations have already become much stronger and tougher in the U.S., Singapore, Hong Kong, and Australia, while European Union (EU) is also looking to agree to Pan-European data protection rules and regulations. Thus, mandatory legalizations regarding cyber security is driving the growth of the cyber insurance market all…
