Cyber Security Center

Surge in Cyberattacks Drives Growth in Cybersecurity Insurance

More than 3,000 American businesses were hacked in 2013, many of them small and mid-size firms without cybersecurity insurance. That surge in cyber-attacks as led to a growing cybersecurity industry, with firms offering products and solutions to secure network systems. Insurance companies are also claiming their stake in the booming industry. Today, roughly fifty U.S. companies offer cybersecurity insurance. American businesses will spend up to $2 billion on cyber-insurance premiums this year, a 67 percent increase from the $1.2 billion spent in 2013.