Cyber risk is a significant concern given the frequency of breaches and resulting costs, so the market for cyber insurance is expected to grow. PwC estimates the global market for premiums will be about $7.5bn by 2020, and Allianz estimates $20bn plus in the next 10 years.
Examples of cyber insurance coverage as a result of a breach include: crisis expenses, such as mandatory notification of affected customers; business losses, such as business interruption; and defence expenses, such as hiring lawyers or consultants.
