The cybersecurity insurance market is expected to grow from $16.5 billion to $32 billion by 2030, achieving a 14% annual growth rate. This surge is driven by the increasing prevalence of ransomware and breaches in law firms, healthcare, and major corporations. Compliance with regulations such as GDPR and various U.S. state laws amplifies the demand for cyber insurance. Insurers are adapting by bundling cyber coverage with traditional policies and forming partnerships with cybersecurity firms to improve underwriting accuracy and encourage better security practices among clients.
Cyber insurance is forecasted to grow from $16.5 billion to $32 billion by 2030, reflecting a 14% annual growth rate and highlighting its increasing importance.
Ransomware has evolved into a multibillion-dollar criminal industry, particularly impacting law firms and healthcare systems, raising the stakes for compliance and regulation.
Insurers are now bundling cyber coverage with traditional policies, collaborating with cybersecurity firms to leverage real-time threat intelligence for more accurate policy pricing.
Underwriting cyber risk remains challenging due to the rapid innovation of threat actors, resulting in stricter insurance requirements like mandatory multifactor authentication and incident response plans.
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