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A report by U.S.-based P&S Market Research found that the size of the global cyber insurance market is expected to grow at a compound annual growth rate of 20% to reach nearly $17 billion by 2023 from $3.4 billion in 2016, BenefitsPRO reported. The report found that "most of the industry leaders" cited loss of brand reputation from cyber attacks as a primary reason for adopting cyber insurance. The banking financial services and insurance industry accounted for more than 35% of the global cyber insurance market in 2016, the report added.