Cyber insurance is a relatively modern commercial insurance product that first emerged in the late 1990s, making it roughly 25 to 30 years old. In its earliest developmental phase, policies were extremely niche and focused primarily on basic third-party media liabilities and early electronic data processing errors. Over the subsequent decades, as internet dependence skyrocketed, data privacy laws evolved, and ransomware attacks materialized, the market transformed radically into a multi-billion-dollar enterprise sector.
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