CyberEconomicNews Briefs

Cyber Insurance Market to Double by 2020

“The market for insurance against cyber threats will double by 2020 to over 8 billion dollars, German reinsurance giant Munich Re told a conference in Monaco on Sunday. ‘Cyber risks are one of the biggest threats to the networked economy,’ Munich Re board member Torsten Jeworrek said in a statement on the first day of an annual meeting of reinsurers in the Mediterranean principality. Munich Re estimated that companies could more than double their spending on cyber insurance from $3.4-$4 billion (3-3.4 billion euros) in 2017 to $8-$9 billion by 2020.”

Source: Cyber Insurance Market to Double by 2020, Says Munich Re | SecurityWeek.Com

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