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 . PwC estimates that the amount of gross written premiums will triple from $2.5 billion last year to $7.5 billion by year-end 2020. 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 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.