Despite Soaring Prices, Cybersecurity Insurance Keeps Growing Briskly

Most cybersecurity professionals know that cyber breaches increase each year. So it’s no surprise that the cybersecurity insurance business also keeps growing briskly. According to data from Markets and Markets and Polaris Market Research, the cyber insurance market swelled to $11.9 billion worldwide in 2022, up from $10.1 billion the previous year, and is projected to grow to more than $29 billion by 2027. This projected growth scenario is expensive, which is why many companies, especially smaller ones, still don’t have this insurance and may continue to hold back until they suffer a cyber…