lloyds-of-londonIt 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.

 

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