The global cyber insurance market to reach at USD 23.12 billion by 2027, at a CAGR of 21% during the forecast period. The outbreak of COVID-19 has helped several organisations to work from home and this has resulted a positive impact on the market. The requirement for enterprise virtual private network (VPN) servers, with their security and accessibility turning into a significant focus space. However, a company s improper cyber security measures can result in misconfigurations within the VPNs, which can consequently expose sensitive data or information over the web, this could additionally create the operating devices extremely susceptible to denial of service (DoS) attacks.
However, the high cost of cyber insurance is the issue which is estimated to hamper the market growth. Cyber insurance corporations are increasing the coverage prices to hide the extra prices due to the additional services, such as negotiation with hackers and help for information recovery throughout a ransom ware attack. The economic process of cyber insurance has delayed the adoption due to organizations are additional centered on the increasing the cyber security instead of pay the premium.