The definition of insurance is the protection of individuals and businesses against financial losses. Cyber insurance protects businesses and individuals from data breaches and cyber terror attacks involving financial information, social security numbers, and health records, among other things. The importance of cyber insurance is that it gives notification in the case of a data breach, assists in information monitoring, and compensates for legal charges and expenditures involved in data recovery. The market is growing as a result of rising digitalization and electronic data storage. As a result, throughout the projected period, the worldwide cyber security insurance market is expected to reach US$ 32.26 billion.