Cyber Security Insurance Market is Anticipated to Witness High Growth Owing to Increasing Cybersecurity Breaches
Cyber Security Insurance Market The cyber security insurance market comprises insurance policies that provide risk transfer solutions against potential cyber threats such as data breach, network damage, and cyber liability. Cybersecurity insurance helps indemnify expenses related to cyber-attacks such as notifying customers regarding breached data, credit monitoring charges, forensic investigation costs, crisis communication expenses, theft/fraud losses, and legal penalties from regulatory agencies. Growing adoption of internet of things (IoT) devices and rising trend of digital transformation across industry verticals have increased dependence on online infrastructure and web applications, making businesses more vulnerable to cyber-attacks. Furthermore, stringent regulations such as the General Data Protection Regulation (GDPR) have compelled organizations to safeguard customer data, boosting demand for cybersecurity insurance. The global cyber security insurance market is estimated