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In 2018, cyber insurance premiums worldwide amounted to *** billion U.S. dollars, and are expected to increase to *** billion U.S. dollars in 2020.

Cyber insurance

Cyber insurance protects individuals and businesses from online breaches from hackers. Cyber security is one of the biggest risks for businesses. As technology has developed over the years, there has been an increase in cyber security related incidents. Technology and social media play vital roles in how businesses conduct their work and attract customers. However, cyberattacks can affect both sides of the transaction. Cyber insurance is intended to cover expenses that first parties file for as well as third party claims. Additionally, it also covers the legal costs when a cyberattack happens so an investigation can take place. Furthermore, it covers the lost income that businesses suffer when a business cannot continue to run their business for a period of time.

Cyber insurance market

In 2016, the United States was the region where the most cyber insurance premiums were written. The largest insurance company in the United States in 2017 was Chubb Ltd., based on the value of direct cyber security premiums written. It is expected that the market size of cyber insurance premiums written worldwide will quintuple from 2018 to 2025.