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Total global losses from cyber-crime stood at $445 billion as of June 2014. (Photo: Thinkstock/DragonImages)

The cyber risk insurance market is experiencing rapid development, with the rise of global gross written premiums from $850 million in 2012 to an estimated $2.5 billion in 2014, revealed a new report from Timetric. A growing number of cyber attacks and the increasing reliance of businesses upon technology for operational capabilities and storing data are responsible for the traction the cyber risk insurance market is gaining. But insurance firms are responding slowly to this rising demand, and there is still a number of imperfections in the market that is leading to a sub-optimal outcome.

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