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As cyber attacks become more common, increasingly sophisticated, and one of the primary security threats in the business world, companies are looking to cyber insurance to address burgeoning risks and to cover expenses related to recovery. As cyber attacks become more common, increasingly sophisticated, and one of the primary security threats in the business world, companies are looking to cyber insurance to address burgeoning risks and to cover expenses related to recovery. (Photo: Shutterstock)

With cyber risks on the rise and growing demand from businesses, more insurers are jumping into the cyber insurance market.

A report by PwC estimates that the industry will grow to $5 billion in annual premiums by the end of 2018, and $7.5 billion by 2020. Some of the biggest insurers in the space include American International Group, XL Group and Chubb.

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