COVID-19 has also brought about a permanent shift in the way businesses and consumers operate
According to GlobalData, the global cyber insurance market was worth $7 billion in gross written premiums a year ago and will reach $20.6 billion by 2025.
The report reveals that cybersecurity was thrust into the spotlight in 2020 as the COVID-19 pandemic forced businesses to digitize their processes and adopt remote working practices overnight.
The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. This has made the need for cyber insurance apparent to businesses, but the market is not as easy to navigate as it once was.
The market recorded growth of 33.5% in 2020 as businesses around the world realized the increased threat COVID-19 and staff working from home posed. The growth rate is set to remain high throughout the forecast period, with GlobalData projecting a rate of 27.3% growth in 2021.
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