Cyber Security Insurance Market is Valued at 4.52 Billion in 2017 and will reach 17.55 Billion by 2023, CAGR of 25.4% (XL Group, Berkshire Hathaway, Zurich Insurance, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group)

Marketprognosis.com Publish a New Market Research Report On “Global Cyber Security Insurance Market 2018 - 2023” which contains global key player’s survey information and forecast to 2023.

Overview of the Global Cyber Security Insurance Market:

The Global Cyber Security Insurance Market is expected to reach USD 17.55 Billion in 2023 from USD 4.52 Billion in 2017, registering a CAGR of 25.4%, during the forecast period (2018 - 2023). The scope of the report is limited to the size of organization and its usage in various industry verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.

Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.

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In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.

Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers. Union bank of India was hacked in 2017 and USD 171 million was debited without bank’s authorization. All these incidents have led companies to buy cyber security insurances.

Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come. Moreover, there is huge demand of this market from telecom service providers as well.

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Major Key Players:

1 XL Group Ltd

2 American International Group, Inc.

3 Berkshire Hathaway

4 Zurich Insurance Co. Ltd

5 The Chubb Corporation

6 AON PLC

7 Bin Insurer Holding, LLC

8 Lockton Companies, Inc.

9 Security Scorecard

10 Allianz Global Corporate & Specialty

11 Munich Re Group

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What Information does this report contain?

1 A detailed analysis of regulatory trends, drivers, industry pitfalls, challenges and growth opportunities for participants

2 Which are the leading market products, applications & regions and how will they perform by 2023?

3 What are the technologies & innovation trends, how will they evolve by 2023?

4 Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?

In the end, this report covers data and information on capacity and production overview, production, market share analysis, sales overview, supply, sales, and shortage, import, export and consumption as well as cost, price, revenue and gross margin of Cyber Security Insurance Market.

Table of Contents:

1 Introduction

2 Research Approach and Methodology

3 Executive Summary

4 Market Dynamics

5 Cyber Security Insurance Market Segmentation

6 Competitive Intelligence - Company Profiles

7 Investment Analysis

8 Future Outlook of Cyber Security Insurance Market

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This release was published on openPR.