In the growing world of data breaches and ransomware, hackers are just one of the groups that profit from these attacks.
According to a report from Moody's Investors Service, direct cyber insurance premiums in the U.S. grew to $2 billion in 2018. It marks a 26% increase in the last four years.
And while the numbers are still small compared to overall premium insurance revenue, cyber crime is clearly making its mark in this area of the financial sector.
CyberScoop covered the details:
The problem, despite all the demand, is that some insurers are now re-thinking whether it's in their best interest to keep offering the plans that help clients recover from devastating cyberattacks.
Cyber insurance isn't there yet. But clients are still scrambling to other insurers in search of a provider that will help mitigate their cyber risk, and the financial liability that comes with it.
The education, hospitality and retail industries have been the biggest adopters of cyber insurance in recent years, according to Moody’s.