In 2016, the size of the global cyber insurance market wasvalued at $3,416.4 million.

But by 2023, it's expected to balloon to $16,970 million, aftersee a compound annual growth rate of 20% in the interim.

That's according to a report by P&S Market Research thatcredits loss of brand reputation from cyber attacks as a primary reason cited by“most of the industry leaders” for adopting cyber insuranceprograms.

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