Frequently, business owners don't understand how the price of cyber insurance policies is determined and what is covered under a policy. (Photo: Den Rise/Shutterstock.com)
Though the cyber insurance market in the U.S. is currently valued at more than $7 billion, it is forecast to reach more than $20 billion by 2025.
Considering the increase in cyber-attacks just since the COVID-19 pandemic, it has become increasingly clear that most, if not all, businesses that store customer data or process electronic transactions may be targets of cyberattacks. Yet only 20% of businesses have cyber insurance coverage, according to a survey conducted by Appalachian State University and Selective Insurance.
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