InsurTech Center

Can a business forgo a cyber insurance policy?

While most companies store customer data or process transactions, only 20% have cyber coverage.

By Stu Sjouwerman | April 08, 2021 at 05:00 AM

Cyber insurance coverage

Though the cyber insurance market in the U.S. is currently valued at more than $7 billion, it is forecast to reach more than $20 billion by 2025.

Considering the increase in cyber-attacks just since the COVID-19 pandemic, it has become increasingly clear that most, if not all, businesses that store customer data or process electronic transactions may be targets of cyberattacks. Yet only 20% of businesses have cyber insurance coverage, according to a survey conducted by Appalachian State University and Selective Insurance.

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