The Data Blog
Cyber Security Market Opportunity
According to Erica Davis, Guy Carpenter, Managing Director and Cyber Center of Excellence Leader for North America, there will be $6T in 2021 global cybercrimes costs with only $6B in 2021 cyber insurance gross written premiums. The Ponemon Institute indicates 60% of cybercrime costs are due to 3rd party breaches. Fully synthetic data generation technologies eliminate the cost and risks of 3rd party breaches. The potential global financial impact is enormous with a potential reduction in cybercrime cost of $3.6T annually. The insurance industry would also be closing a huge risk exposure gap of trillions of dollars through broad adoption of synthetic data generation technologies.
Just recently, McDonalds has suffered from a data breach where the personal data of customers in Taiwon and South Korea was exposed. This comes right after JBS admitted to paying $11 million in ransom to Hackers who broke into their computer system last month.
With more and more companies are being targeted, it's hard to say who will be safe from looming threats.