Insurance companies, which offer services in a highly competitive environment and want to expand their product range, act on cyber attacks. The insurance market for cybercrisis grew 20-30% in the US and Europe over the past few years.
According to a quarterly report by STM, a Turkish government-controlled defense engineering company, the global cyber risk insurance market is estimated to reach $ 10 billion by 2020. It has been determined that traditional insurance policies can not provide adequate guarantees for the ever changing and developing cyber risks and that companies have to endure many financial risks in the event of risks. For this reason, in the USA and UK, it is stated that these risks are secured by insurance guarantees. It was noted that insurance companies could provide guarantees such as cyber-blackmail, data loss and job suspension to individuals and institutions.