It is no mystery cyberattacks pose a tremendous risk to the private sector: a recent report conducted by Lloyd’s reveals that cybercrime costs businesses across all industries over $400 billion a year.
The prolific progress of cybercrime in the private sector has created a growing demand for cyber insurance and cyber security. In 2014 alone, Lloyds reports it issued over $2.5 billion worth of cyber protection in 2014, over a 100% from its sales two years ago.
In addition, Gartner, a market research firm, estimates that global spending for cyber security will grow from $77 billion to $170 billion by 2020.
Inc.com has the whole story.
