Pandemic to Spur 20%-30% Yearly Growth in Cyber Insurance, Says S&P

COVID-19 will be a boon for cyber insurance providers because organizations that speed their digital transformation will become increasingly vulnerable to cyberattacks, reported S&P Global Ratings Wednesday. Though the yearly economic costs of cybercrime already exceed $700 billion, “insured cyber losses are still very small at below $5 billion," it said. "This indicates the untapped potential of the cyber insurance market." S&P expects the cyber insurance market to increase 20%-30% a year on average, with small and midsize enterprises “a key avenue for growth.”