Simon Cooper Consultant
Chapter 2 - Cyber Insurance
As the use of cloud-based computing, electronic platforms and smart devices continues to increase, it goes without saying that businesses have had to adapt quickly to technological advances and the corollary demands of their customers.
With widespread cyberattacks becoming more common, cyber risk has become a subject of much greater concern for businesses of all sizes. Over the past year, we have seen attacks on a number of leading companies such as Facebook, Uber, British Airways and Marriott International, which followed the widespread WannaCry and NotPetya viruses of 2017.
The cybersecurity insurance maket is expected to grow from US$4.52 billion in 2017 to US$17.55 billion in 2023. Given that the average cost of a cybersecurity breach is in the region of £0.6 million to £1.15 million (£65,000 to £115,000 for SMEs), it is of little surprise that businesses are increasingly looking to cyber insurance to provide additional levels of protection.
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