As companies big and small embrace the fact that cybercriminals will find a way into their digital enterprise, one way or another, cyber-insurance has seen a rapid uptick in popularity. 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 US . Risk Based Security 's Chief Information Smith 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 $ 7.5bn in 2018 to $ 2.5bn by 2018 , 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 US . Risk Based Security 's Chief Information Smith 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 $ 7.5bn in 2018 to $ 2.5bn by 2018 , according to estimates from PwC.