- Report ID: BMRC 314 | Number of pages: 204 | Publish Date: Jan 2020
Status: Published | Category: Technology And Media | Delivery Timeline:
Cyber Insurance Market is valued at USD 5263.4 Million in 2018 and expected to reach USD 23459.1 Million by 2025 with the CAGR of 23.8% over the forecast period. –Increasing incidences of unauthorized stealing is a key factor drives the growth of Global Cyber Insurance Market.
Cyber insurance also known as cyber risk insurance or cyber liability insurance coverage (CLIC). It is an insurance product designed to help businesses as a safeguard in contradiction of the potentially devastating special effects of cyber crimes such as malware, ransomware, distributed denial-of-service (DDoS) attacks and others. Such types of products are modified to help a company to mitigate specific risks. Mostly cyber insurance plans cover a wide range of cyber risk losses that may suddenly arise from cyber-attacks. Additionally, some insurance plans offer coverage for physical damage to hardware and coverage for business income loss.
Global cyber insurance market report is segmented on the basis company size, industry vertical and region & country level. By company size, the global cyber insurance market is segmented into small medium enterprise and large. By industry vertical, global cyber insurance market is segmented into healthcare, retail, financial services, information technology and services and others.
The regions covered in this Cyber Insurance Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of cyber insurance is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global Cyber Insurance market are American International Group, Inc., The Chubb Corporation, Zurich Insurance Co. Ltd, XL Group Ltd, Berkshire Hathaway, Allianz Global Corporate & Specialty, Munich Re Group, Lloyd’s, Lockton Companies, Inc., AON PLC, BitSight Technologies, Security Scorecard, Pivot Point Risk Analytics, Quadmetrics, Inc., Bin Insurer Holding, LLC, Beazley Plc.and others.
Market Dynamics –
Now a days, cyber security is one of the most significant topics for the insurance sector. Cyber insurance market has shown a lucrative growth in past few years due to the increase in internet penetration, social media and digital banking transactions which are accidentally exposed to various cyber-attacks. For instance; according to bestvpn.org; cyber-attacks are increasing enormously by around 600%, from 6000 attacks in 2016 up to 50,000 in 2017. In addition, targeted attack movement increased by 10% in 2017 from the previous year. Furthermore, every single company is aware that a cyber-attack can be serious and can get huge problems and experience of cyber attack damage by various organizations that results, expectance of effective cyber security solution. For instance; According to PwC, around one-third of U.S. companies presently purchase some type of cyber insurance. Furthermore, increasing internet presence, growing online transaction and product development can provide an opportunity to the market growth.
North America is Expected to Dominate the Global Cyber Insurance Market.
North America is estimated to dominate the global cyber security market due to the growing cyber attacks in this region, according to bestvpn.org; the U.S. nation is most affected by cyber-attacks, this region has faced 303 attacks from 2015 to 2017. In addition, due to technological advancements and the rapid acceptance of cyber-security in this region are also fostering the cyber insurance market growth.
The market in Asia Pacific (APAC) is expected to grow at the highest CAGR with the forecast period due to the increasing number of cyber attacks in the region and therefore rising cyber security budget. For instance; according to Foundation Council Spain Australia; Asia-Pacific organizations, cyber security funds is increased from the year 2016 and grown by 92%in India, 78% in China,in Hong Kong by 52% and Australia by 50%.
Key Benefits for Cyber Insurance Market Report–
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Cyber Insurance Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025