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Enter cyberinsurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Cybersecurity professionals remain divided as to the future of cyberinsurance.
In the early 1990s, the Internet industry needed to move packets as fast as possible because some marketing genius came up with the idea that everyone could have “Unlimited Internet Access” for $9.95 Cisco came to market with the PIX firewall, Netscreen came to market with the ASIC based firewall, and suddenly, security had a voice.
billion in 2021, and growing concerns over data security , software supply chains , and ransomware suggest the market will remain strong through economic ups and downs. AllegisCyber Capital was founded in 1996 to serve the growing cyber business ecosystem. Investments in cybersecurity more than doubled from $12 billion to $29.5
Next year’s cyber budgets cannot be futureproofed against all forms of disruption, but there are trends business leaders should watch closely. A major one is the rising cost of cyberinsurance – premiums are going up. What’s more, insurers are looking to reduce the risk they take on when they provide cyber policies.
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