Cyber attacks are beneficial to insurers
The cyber insurance market is expected to experience a significant growth by 2020. Many insurers see it as a high potential sector.
The increasing use of digital technology, the emergence of back up databases and the proliferation of connected objects, argue in favor of the development of this niche.
The series of cyber attacks that occurred in 2016 and 2017 and the implementation in 2018 of the European directive on data protection suggest a high profitability of the sector.
The cyber insurance market, valued at 3.4 billion USD in 2016, could reach 6.8 billion USD in 2019 and 8.6 billion USD in 2020.
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