New York, Feb. 07, 2024 (GLOBE NEWSWIRE) — The projected value of the Cybersecurity Insurance Market is anticipated to be USD 13.3 billion in 2023 and is expected to witness substantial growth, reaching USD 62.7 billion by 2032. The market is poised for a remarkable surge, with a projected Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period from 2023 to 2032.
Cybersecurity insurance is a type of insurance product that helps organizations manage the costs associated with data breaches and cyber attacks. It typically covers expenses like legal liabilities, investigation costs, extortion payments, loss of income due to system downtime, and costs involved with notifying affected parties.
The global cybersecurity insurance market has grown rapidly in recent years, driven by the increasing frequency and severity of cyber attacks. The evolving and complex cyber threat landscape is a major driving factor for the cybersecurity insurance market. With the proliferation of digital technologies and interconnected systems, cyber threats such as data breaches, ransomware attacks, and network intrusions have become more sophisticated and frequent. Organizations are…
