With an ever-increasing number of cybersecurity threats and attacks, companies are becoming motivated to protect their businesses and customer data both technically and financially. Finding the right insurance has become a key part of the security equation, which is no surprise given that the average cost of a data breach in the US has risen to $9.44 million — more than twice the global average of $4.35 million.
The global cyber insurance market was valued at $13.33 billion in 2022, according to research by Fortune Business Insights, and is expected to grow from $16.66 billion in 2023 to $84.62 billion by 2030. North America is projected to dominate the market due to increasing cyberattacks, particularly ransomware, and a high risk of data loss, while Europe will also gain a prominent market share, in part because “digitalization among organizations remains vulnerable to malicious cyberattacks.”