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Cyber insurance market estimated at $85 billion

Posted On: Feb. 9, 2015 12:00 AM CST

The cyber insurance market is estimated to be worth $85 billion, while estimates on annual cyber-crime costs to businesses range from $445 billion to $2 trillion, reports ITProPortal.

Rules to make reporting of cyber crimes mandatory currently are being prepared in Europe and the United States.

Meanwhile, businesses and their insurers are struggling to quantify cyber risk level, ITProPortal reported.

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