Dec 29, 2020
Over the years, cyber attacks and data breaches became one of the biggest risks in the business sector, compromising sensitive data, and causing a massive financial hit to companies and organisations worldwide.
As data applications and technology in the business sector increase, organisations are becoming more vulnerable to these attacks and more aware of the need for insurance coverage for cyber risks.
According to data presented by Finaria.it, the global cyber insurance market is expected to grow by 21% year-over-year and reach a $9,5-billion value in 2021.
If a costly data breach occurs, the company may not have enough resources to resolve these issues and cover the losses. Cybersecurity insurance can provide support to businesses, so cyber attacks don`t cripple their business.