The global cyber insurance market’s revenue is expected to grow at a massive 26.3% compound annual growth rate in the next ten years to reach $70.67bn in 2030.
The news comes as businesses, private individuals and, increasingly, governments are waking up to the need to have insurance against the growing onslaught of hack attacks, according to new research from P&S Intelligence.
The reasoning is that, while cyber insurance won’t prevent attacks from happen, having a policy can at least cushion the financial damage.
The researchers also noted that North America is currently home to the largest cyber insurance market, which is hardly surprising as big players in the field, such as the Chubb Group, have set up shop in the continent.
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