Global Cyber security insurance Market expected to reach US$ 58,779.2 Mn by 2026: According to BlueWeave Consulting
Growth in Cyber Insurance Market
Cyber insurance helps protect businesses against losses resulting from cyber-attacks or data breaches. Cyber insurance coverage can include data loss and restoration, extortion, legal fees, and more. Cyber security insurance increases and improves cyber security with the benefits of good security, and internalizing of the costs of poor security. There are many benefits that coincide with investing in insurance.
The growth of the US cyber insurance market is due to the introduction of legislation in most states to take appropriate security measures to protect against cyber risks and report serious breaches to national authorities. This led to an increase in demand for cyber insurance products covering personal data breach. The U.S. is the largest market for the cyber security insurance market. The U.S. economy loses US$57 billion-US$109 billion per year due to malicious cyber activity, according to White House Council of Economic Advisers.
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Cyber challenges in Asia Pacific region, such as low cyber security investments and long dwell times, can be attributed to the complex geopolitical tensions, exposed critical infrastructure, and the severe shortage of cyber security talents in the region. Brazil is undergoing a digital revolution with few parallels in the developing world. The rate of digital penetration and social media adoption has risen exponentially over the past decade. Over 50% of Brazilians are active Internet users, & Brazilian financial institutions were early adopters of online services. Cyber security and online fraud are major concerns, with annual losses reaching billions of dollars.
Scope of the Report
The global market for cyber security insurance is segmented on the basis of service type, enterprise size, industry vertical and geography. On the basis of service type, the market is segmented into risk management, integrity, forefront portfolio, third party liability, and others.
On the basis of enterprise size, the global cyber security insurance market is bisected into small & medium enterprises and large enterprise. On the basis of industry vertical, the market is divided into banking and financial services, telecom and IT, government, healthcare, education, manufacturing, travel and hospitality and others. Financial services, energy and utilities, and telecommunications are among the most investigated industries in APAC, highlighting the need for higher awareness levels, stronger mitigation measures, and improved cyber security postures
Geographically, the global cyber security insurance market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The North America holds the largest market share of cyber security insurance market in 2017.
Asia Pacific is the most promising markets for cyber security insurance market and are slated to offer players a host of opportunities in the coming years. In Indian market, the high demand for cyber insurance policies is due to telecom revolution. Moreover, increase digitization of the economy further boosts the demand. Latin America is experiencing significantly more data breaches and with that, increased sales of cyber insurance. Norton Security has reported cybercrime cost Brazil roughly US$8 billion and Mexico US$3 billion in 2015. Cyber security insurance coverage is still in its at beginning stage in Latin America.
This factor increases the need of cyber security insurance market in Latin America
The global cyber security insurances market report provides company market share analysis of the various key participants. Some of the key players profiled in the report include The global cyber security insurance market includes key players such as XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group, Chubb, HSB, BCS financial corporation, Marsh & McLennan Companies, Inc., Markel Corp, Traveler’s group, Hiscox, Beazely Insurance group and others.
Market Segmentation: Global Cyber Security Insurance Market
By Service Type
• Risk management
• Forefront Portfolio
• Third Party liability
By Enterprise Size
• Small & Medium Enterprises (SMEs)
• Large Enterprises
By Industry Vertical
• Banking, Financials
• Telecom and IT
• Travel and hospitality
In addition, the report provides analysis of the cyber security insurance market with respect to the following geographic segments:
• North America
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• Latin America
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About BlueWeave Consulting & Research Pvt Ltd. (BWC)
BlueWeave Consulting provides a full scope of business intelligence solution for solving your toughest challenges. BWC is an emerging global expert & pioneer in the market research and provision of exclusive market INTEL. We optimize your decision making by equipping your industry with an accurate & better market research according to your industry demands through our professionally designed qualitative & quantitative research methods. Our trendy & efficient sample collection methods, integrated data solutions as well as methodologies certainly make us a better partner that you can rely on. With collective experience in the varied fields of retail, market research and reporting, we provide the business insight and business practices that would give the required impetus for your company’s growth.
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