What cyberinsurance gotchas companies must be ready for

Insurance challenges

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Businesses shelled out $ 2 billion in cyber insurance premiums in 2015 but current projections show that astronomical growth rates will result in a market of over $ 20 billion by 2025. The single biggest challenge faced by insurance companies today is the lack of actuarial data on cyber attacks which makes pricing these cyber insurance policies very difficult. As a result, insurance companies are increasingly resorting to other methods to assist them in more accurately pricing these policies which is good news for them but which will result in a number of challenges for businesses.

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