20 Aug 2021
Cyber Insurance Market extrapolated to grow from $7245.1 Million in 2020 to reach $27354.5 Million by 2027 at a Compound Annual Growth Rate (CAGR) of 20.9% over the forecast period.
Global Cyber Insurance Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Escalating number of cyber-attacks in several sectors, surge in mandatory cybersecurity guidelines and legislation regarding cybersecurity are the major factors driving the growth of Global Cyber Insurance Market.
Key Players for Global Cyber Insurance Market Report.
Global Cyber Insurance Market reports cover prominent players like Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies, Inc., Munich Re, The Chubb Corporation, Zurich and others.
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Scope of Global Cyber Insurance Market Report :
Cyber-insurance is nothing, but a specialty appearances insurance product projected to defend businesses, and individuals delivering facilities for such businesses, from Internet-based hazards, and further usually from risks involving to information governance liability, information technology infrastructure, information privacy, and events associated thereto. It normally involves damages from network security breaches, indemnification from lawsuits associated to data breaches, loss of privacy, and others. Cyber insurance shields businesses against digital risks, such as malicious hacks, data breaches, malware, distributed denial-of-service (DDoS), and ransomware.
It also recommends economic analysis for sensitive customer data, comprising health records and credit card, social security, account, and driver's license numbers. It alerts customers regarding cybersecurity cases, rebuilds their characters, recovers cooperated data, and repairs harmed computer systems. Currently, many insurers all-inclusive are proposing personalized plans depending on business obligations. These plans cover up legal fees and payments for physical injury and income loss. In the Early stage of the 1990s, emphasis on the extensive merits of cyber-insurance, or protocols derived from digital cash to facilitate risk reorganization in dispersed systems.
During the COVID-19 pandemic crisis, several governments and regulatory authorities support both public and private organizations to adopt new practices for driving remotely and keeping social distancing. With the widespread use of WFH, internet access around the corners of the globe is inclined towards the use of digital technologies and this is creating a positive impact on cyber insurance market globally.
Global Cyber Insurance Market Segmentation:
The global cyber insurance market is segmented on the basis on component, insurance type, organization size, end-use industry, and region & country level. Based on component, the cyber insurance market is classified into solution and services. Based on insurance type, the market is categorized into packaged and stand-alone. Based on organization size, the cyber insurance market is categorized into small and medium enterprises and large enterprises. Based on end-use industry, the cyber insurance market is divided as BFSI, healthcare, IT and telecom, retail, and other.
By Insurance Type:
By Organization Size:
Small and Medium Enterprises
By End-Use Industry:
IT and Telecom
The regions covered in Cyber Insurance Market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of in Cyber Insurance is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Global Cyber Insurance Market Regional Analysis
On a geographic basis, North America is expected to dominate the growth of the cyber insurance market owing to various factors such as the expansion of the retail industry, innovations, and developments in cyber insurance in this region. For instance; Cynet, in its lately distributed State of Breach Protection 2020 Report, has revealed that around 25% of security alerts are left unattended each day in the United States. Also, according to the ITRC’s latest anticipated, the average number of data breaches increased to 1473 breaches in 2019 faced by the United States. These various innovations and developments in the cyber insurance sector are resulting in the demand for cyber insurance.
The Asia Pacific is projected to become the fastest-growing market for cyber insurance owing to the rising use of electronic devices for storing data. Cyber insurance helps to protect computer systems or data against injuries caused by electronic threats. The ever-increasing adoption of electronic devices is responsible to improve the demand for cyber insurance in this region. For instance; China is the world’s largest producer, consumer, and exporter of consumer electronics devices for storing data. China is considered as the world’s biggest producer of mobile phones, computers, and televisions, respectively producing over 90 percent, 90 percent, and 70 percent of these devices in 2018. As a number of usages of electronic devices for storing data increases, the demand for cyber insurance for protection is rising eventually.
Key Benefits for Cyber Insurance Market Report–
Global Cyber Insurance Market report covers in depth historical and forecast analysis.
Global Cyber Insurance Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Cyber Insurance Market report helps to identify opportunities in marketplace.
Global Cyber Insurance Market report covers extensive analysis of emerging trends and competitive landscape.
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