As the number of reported cyber-attacks seems to grow with each passing day, German reinsurance company Munich Re predicts that spending for cyber threat insurance could double by 2020.

"Cyber risks are one of the biggest threats to the networked economy," Munich Re board member Torsten Jeworrek said.

In 2017, cyber insurance spending was roughly between $3.4 billion to $4 billion, but Munich Re sees that number reaching between $8 billion and $9 billion by 2020.

Although the digital economy has resulted in productivity increases, "increased networking of machines, and equipment in particular, can also give rise to very complex risks such as data theft, disruptions in the interaction between networked machines, and even the failure of entire production lines and supply chains," Munich Re said, predicting that the number of connected devices around the world will jump from 27 billion to 125 billion by 2030.

"The economic costs of large-scale cyber-attacks already exceeds losses caused by natural disasters. Where small and medium-sized enterprises are affected, such attacks can soon threaten their very existence," Munich Re warned.

To date, the most crippling attacks economically have been caused by malware, like WannaCry and NotPetya, which infected computers all over the world in 2017.

"This trend will continue as more and more machines and devices are connected," Munich Re warned.