Cyber insurance has emerged as a response to growing number of data breaches worldwide and the extent of damage that they cause to businesses. Data breaches are perceived as one of the leading risks to businesses as, among other factors, they can have a huge influence on the company earnings. In the United States, the average cost of cyber crime amounted to 17.36 million U.S. dollars in 2016. It is not surprising, then, that companies have started to look for ways of protecting themselves against cyber threats.
In 2015, 63 percent of global companies were insured against loss of income due to data breach, while more than half of the companies without cyber liability insurance considered purchasing it. The share of businesses with cyber insurance worldwide increased with company revenue. Only 3.8 percent of companies with revenues lower than 2.5 million U.S. dollars owned cyber insurance. Among companies with revenues exceeding five billion U.S. dollars, this number was equal to 25.9 percent.
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