Over the course of the next four years, cyber liability insurance is expected to grow from $2.5 billion to $7.5 billion in premiums written.
With the average total cost of a data breach escalating from $3.79 million in 2015 to $4 million, the need for businesses to protect themselves is growing and will continue to do so throughout 2016 and beyond.
As an industry, in order to meet those expectations, cyber risk professionals must do a better job of educating business owners and insurance brokers and agents.
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