The global cyber insurance market, valued at $3.4 billion in 2016, is forecasted to reach nearly $17 billion by 2023, growing at a compound annual growth rate of more than 20 percent from 2017-2023, according to a new study.

The report from global market research and consulting firm P&S Market Research found that loss of brand reputation due to cyber attacks is the primary reason companies adopt cyber insurance programs—and this threat to enterprise value is only expected to rise.

The financial services industry has been the largest consumer for cyber insurance, responsible for more than 35 percent of the global market share in 2016, according to the study, which said that companies in this segment are more prone to cyber attacks. However, P&S Market Research forecasts that the adoption rate for the coverage will see the fastest growth in the retail and manufacturing industries, due to cyber risks such as digital supply chain management and online operations.