Pandemic to Spur 20%-30% Yearly Growth in Cyber Insurance, Says S&P
COVID-19 will be a boon for cyber insurance providers because organizations that speed their digital transformation will become increasingly vulnerable to cyberattacks, reported S&P Global Ratings Wednesday. Though the yearly economic costs of cybercrime already exceed $700 billion, “insured cyber…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
losses are still very small at below $5 billion," it said. "This indicates the untapped potential of the cyber insurance market." S&P expects the cyber insurance market to increase 20%-30% a year on average, with small and midsize enterprises “a key avenue for growth.”