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Cyber risks are growing in frequency, severity, and complexity, making them among the biggest threats of our time facing businesses and their insurers. Cybersecurity breaches are happening at a rapid pace because malicious actors continue to evolve their techniques while targeting new victims in an effort to stay one step ahead of today's best risk-mitigation strategies.
How does that translate into dollars? The collective additional cost and lost revenues companies face from cyberattacks could reach as much as $5.2 trillion during the coming three years, according to a report from Accenture plc. Meanwhile, the data and analytics company GlobalData has reported that gross written premiums for the cyber insurance market are projected to reach $20.6 billion by 2025.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
