a digital illustration of a surveillance camera made to look like an eye According the most recent FBI Internet Crime Report, US businesses and individuals have lost over $12.5 billion because of cybercrime last year, showing a steady 22% year-over-year growth rate. (Photo: valerybrozhinsky/Adobe Stock)

The cyber insurance market was worth around $13 billion in 2023 – nearly double the $7 billion it was worth in 2020 – and this growth shows no signs of slowing. It is forecast to grow to $22.5 billion by 2025. While an expanding market may sound positive, this growth is heavily driven by an increase in both the frequency and severity of cybercrimes.

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