The cyber insurance market continues to grow as businesses increasingly realize that some breaches are unavoidable , according to experts at the Black Hat USA conference in Las Vegas . Risk Based Insurance 's Chief Information Security Officer Jake Kouns , stated the number of requests to take out cyber insurance has surged recently as companies need to be prepared for risks associated with cyber crime . While only 30 % of firms currently hold cyber insurance policies , gross written premiums are set to triple in value from $ 2.5bn in 2018 to $ 7.5bn by the end of 2020 , according to estimates from PwC.
The cyber insurance market continues to grow as businesses increasingly acknowledge that some breaches are unavoidable, according to experts at the Black Hat USA conference in Las Vegas. Risk Based Security's Chief Information Security Officer Jake Kouns, stated the number of requests to take out cyber policies has surged recently as companies look to be covered for risks associated with cyber crime. While only 30% of firms currently hold cyber insurance policies, gross written premiums are set to triple in value from $2.5bn in 2018 to $7.5bn by the end of 2020, according to estimates from PwC.