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Cybersecurity revenue in insurance sector to grow at 10%: GlobalData

August 10, 2022

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.

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