In 2016, the size of the global cyber insurance market was valued at $3,416.4 million. But by 2023, it's expected to balloon to $16,970 million, after see a compound annual growth rate of 20 percent in the interim.

That's according to a report by P&S Market Research that credits loss of brand reputation from cyber attacks as a primary reason cited by "most of the industry leaders" for adopting cyber insurance programs.

Among all industries, banking financial services and insurance (BFIS) has been the largest consumer for cyber insurance thus far, since they are more prone to cyber attacks, the report says—in fact, contributing more than 35 percent of the global market share in 2016.

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