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Germany-based insurer Allianz S.E. said that global cyber insurance premiums are likely to grow to $20 billion by 2025, from the current $3 billion-$4 billion, as several companies seek insurance to cover mounting losses from cyber attacks, BBC reported. U.S.-based Center for Strategic and International Studies said that cybercrimes cause an estimated $400 billion of losses per year globally. U.S.-based cyber security firm NetDiligence said that the average cost of a cyber breach totaled $349,000 in 2017, while for a big company the average cost amounted to nearly $6 million.