Cyber insurance has become a common word among many businesses and organization today. About 20 years ago, cyber insurance did not gain the mainstream attraction it currently enjoys. Back then most businesses could care less about such insurance. So what changed?
The world moved into the digital age and started moving all of its contents, transaction, and general business online. As amazingly benefiting as this has been, it came with a pitfall. One the world is still actively trying to defeat. Then it dawned on businesses that the more advanced the cyber security tool, the more these cyber hackers modify their hacking tools.
The only viable solution or cushion for these businesses was soon discovered in cyber insurance. Cyber insurance has gained so much popularity these past few years, it is being predicted to triple in the next five years. To put figure to it, it’s been projected to be worth about $7.5 billion in 5 years. What’s the reason for this? More and more companies are becoming aware of the importance of cyber insurance. Over the years, we have seen big multinationals fall prey to data breaches. Simply put; no one is safe! Cyber insurance is just a must-have for any serious business with an online presence.