Insurance: An Aid To Rising Cyber Crime

The cyber insurance market was estimated to be worth US$6.848 billion in the year 2019. Rising cybercrime is the prime reason behind the surge of this in this market. Further, the adoption of cloud-based computing along with growing data centers has increased concerns regarding the safety and security of crucial data. While physical components at data centers can be protected against theft or robbery using the employment of data center physical security, such as video surveillance camera, fingerprint or face recognition devices, logging devices, mobile-based access control, and others, network-based data bleaching is still possible and require specialized cybersecurity software and cyber insurance.