Team CryptoInsightfull 
Cybercrime is projected to cost $10.5 trillion globally annually by 2025, according to Cybersecurity Ventures. Cyberinsurance is presented as a powerful tool to recover from ransomware, data breaches, and advanced persistent threats, and a mechanism to incentivize better cybersecurity practices.
The global cyberinsurance market is expected to surpass $23 billion by 2026, and $38 billion by 2031.
As reliance on cyberinsurance grows, questions about its value and effectiveness in strengthening cybersecurity practices have come to the fore. Despite hopes in government and policy circles, the actual impact of cyberinsurance on cybersecurity practices has not lived up to expectations.
Web outlet Binding Hook reports that despite its potential, research reveals that cyberinsurance falls short in improving security practices. Cyberinsurers face mounting challenges as the increasing frequency and sophistication of cyberattacks result in unsustainable claim payouts.
