Cyber risk market on the rise

According to Standard & Poor's, the cyber risk market could grow annually by an estimated average of 20-30% over the next 10 years.

The recourse to remote working that has become widespread due to the Covid-19 crisis is increasingly exposing small and medium-sized enterprises (SMEs) to this emerging risk. These enterprises will be the most important growth generator in the cyber insurance market.

The agency believes that malicious attacks cost companies more than 700 billion USD per year while the insured damages are merely estimated at 5 billion USD.