Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData.
According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or risk suffering reputational damage from either a data breach or refusing to make a cyber insurance payout.
Amrit Dhami, Thematic Research Associate Analyst at GlobalData noted that with the rapid digital transformation of the insurance sector comes a rise in cyber risk.
