Cyber insurance revenue to grow at annualized rate of over 10%

A report by U.K.-based data analytics firm GlobalData PLC predicts that global cybersecurity insurance premium writings will reach $10.6 billion in 2025 from $6.4 billion in 2020, Reinsurance News reported. GlobalData said the insurers face heightened risk of losses due to the ever-increasing number of cyber attacks as well as the risk of reputational damage for refusing a cyber insurance payout.