As data breaches continue and rules such as the EU General Data Protection Regulation go into effect, the cyberinsurance industry has been rapidly growing, Wired reports. Cyberinsurance premiums have risen around 30 percent each year over the past five years as more and more companies seek out policies. As the market grows, insurance carriers face their share of challenges as they have to handle cyberattacks that often differ from incident to incident and struggle to come up with reliable statistics on costs and frequency of attacks due to the high amount of unreported occurrences each year.
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