Cyber insurance market to exceed $3 billion by 2025

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Swiss reinsurance company, Swiss Re, predicts the growth of the market for personal insurance against cyberthreats. So far, such services are provided by a few companies, and the market size does not exceed $500 million. Swiss Re believes that the market will grow along with the awareness of people about security threats in the network. Its volume can grow several times to $3 billion by 2025. A survey conducted by the company showed that more than 50% of respondents would protect themselves from identity theft with insurance. Now, insurance against cyberthreats costs from $50 to $150 per person per year. Swiss Re experts believe that users will acquire “all-in-one” protection against cyberthreats and additional policies to other types of insurance. The company is confident that people are not so much interested in compensating for possible risks, but in awareness of the threats. Analysts from RBC Capital Markets predict the growth of the personal insurance against cyberthreats to $8-9 billion.

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