Growing market for cyber third party liability insurance
With an annual growth rate set between 20 and 30%, the insurance market for cyber third party liability is poised to attain 6.2 billion USD in premiums by 2020, Verisk Analytics has estimated. The American company specialized in risk management for insurance companies says that those figures are accounted for by the increase in corporate vulnerability to cyber risks.
Companies are now moving gradually towards digitization whereby the amount of information exchanged or stored online created pressing needs for protection. Companies are now taking preventive measures to explore and contain their vulnerabilities.
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