Insurance isn’t considered a sexy topic, but the field has taken a new spotlight in its marriage to cybersecurity. The result of this union is cyberinsurance, a market currently valued at $2.5 billion in premiums worldwide and set to grow to as much as $7.5 million by 2020, according to PwC.
With the recent proliferation in data breaches, the match between cyber and insurance may have been unavoidable—as far back as 2014, the cost of cybercrime to the global economy was estimated at $445 billion. These events weren’t without their regulatory spates: An Identity Theft Resource Center report found that, between 2005 and 2015 in the U.S. alone, more than 5,000 must-report data breach incidents were tracked, involving over 675 million records.
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