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Unlocking Cyber Insurance: A $120 Billion Solution for Modern Risks 🔓

From ransomware attacks to massive data breaches, cyber insurance is evolving to meet the growing demand 📈.

September 13, 2024 • Estimated Reading Time: 2 minutes

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Global Market Size 

The global cyber insurance market was valued at $16.66 billion in 2023 and is projected to grow significantly, reaching $20.88 billion in 2024 and $120.47 billion by 2032, with a remarkable CAGR of 24.5% (Fortune Business Insights). This growth reflects the increasing importance of cyber insurance in mitigating risks associated with cyber threats like data breaches and cyberattacks. The COVID-19 pandemic accelerated digital transformation and remote working, amplifying vulnerabilities and driving a surge in cybercriminal activities, including mail spam, ransomware, and phishing. 

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