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According to a new report by Timetric, the market for cyber liability insurance is at an early stage of development with a large opportunity for expansion in the United Kingdom.

Companies are losing millions due to cyber threats such as data breaches. For example, Sony experienced a hack in 2011 that leaked the personal information of 77 million PlayStation Network users. LinkedIn suffered a leak of over six million passwords, and data breaches at the Universities of Nebraska and North Carolina saw thousands of personal records exposed. Global Payments confirmed a data breach had exposed details of up to 1.5 million MasterCard and Visa payments. Each of these cyber security breaches resulted in multi-million dollar costs for investigation, fines, and legal settlements. These costs flag the negative impact a data breach can have on company finances and reputation.

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