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. https://www.finextra.com/blogposting/18566/putting-a-price-on-protection-the-importance-of-cyber-insurance
blog article
SHARESHARESHARE
PUTTING A PRICE ON PROTECTION: THE IMPORTANCE OF CYBER INSURANCE
For almost as long as businesses have been subject to risk, some form of insurance has existed to mitigate their exposure. The first recorded commercial insurance policies date back to Babylonian times, and in the thousands of years since, the types of business cover available have multiplied exponentially, driven by the uptake of technology. It’s now over 20 years since the first cybersecurity policy was written. At the time, this was considered groundbreaking – although by modern standards, its scope was limited. These days, cyber insurance providers cast a far wider net. By 2025, it’s expected the global market size will grow to over $23 billion. Some policies cover the costs arising from first-party data breaches, while others cover liability for damages, providing assurance for companies who collect and store sensitive customer information. SCOTT CUTLER READ MORE