Cyber Security Insurance Market Evolving Technology, Trends, Growth & Forecasts 2025- American International Group (AIG), The Chubb Corporation, XL Group, Travelers, Beazley, CAN, Liberty Mutual, BCS Insurance, AXIS Insurance Group

Cybersecurity products have become one of the most essential component of any organization. With growing digitalization, more and more personal and professional data is required to be stored on devices and clouds. Cyber Security Insurance Market: Boost in size USD 3.89 billion in 2017 and is expected to grow to USD 23.07 billion in 2025 owing to growing intensity of cyber-attacks across the world. The report also provides the various key strategies adopted by the leading players as the demand is growing from Asia-Pacific economies.

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The demand for cyber insurance has grown beyond data breach cover. Most of the companies demand for products which cover property damage and financial losses resulting from a cyber-attack. Collectively, all these factors will have a positive influence on the growth of cyber insurance market in the coming years. The ICT segment is anticipated to grow with the highest growth rate in the forecast period as companies belonging to this industry vertical hold tons of personal information of the customers and thus, are more prone to the cyber-attacks. Also, strengthening global regulations on loss of personally identifiable information (PII) will drive the cyber insurance premiums from the ICT sector. The companies in healthcare sector are progressively purchasing data breach cover to protect sensitive patient information they hold.

Global Cyber Security Insurance Market: Key Players
The leading Venders of the global Cyber Security Insurance market are focused on market union and growth of their product portfolio. American International Group (AIG), The Chubb Corporation, XL Group, Travelers, Beazley, CAN, Liberty Mutual, BCS Insurance, AXIS Insurance Group and Allied World.

Along with the investment in the Cyber security solutions, which include hardware and software solutions, companies have also started to take cyber insurance to mitigate risks. Even if the cyber insurance market is projected to grow in the future, there are quite a few challenges which need to be addressed by the insurers and mentioned further in the report. Standalone cyber insurance solutions is a recent phenomenon and currently, the underwriting of cyber insurance is still limited due to immature and limited expertise.

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The end-use industry, the cyber insurance market can be segmented into BFSI, Information & Communication Technology (ICT), healthcare, manufacturing and others. Among these, the banking and financial services sector had the highest market share in 2017 and would continue to dominate until 2025. BFSI organizations have their intellectual properties insured the most, as compared to the other verticals. The other industry vertical include insurance premiums collected from the education, transportation, energy, hospitality and other niche sectors. With rapid digitalization, most of the companies have started to generate a plethora of data, which could potentially targeted by the cyber criminals. Hence, the cyber insurance market for these industry verticals is poised to grow in the forecast period.

The demand for cyber insurance has always been high in the U.S. with European countries starting to mushroom along with some Asian countries. Government regulations, being one of the major driver of the cyber insurance market have started to show up for different countries. The UK had the major share in the cyber insurance market of the Europe region, mainly driven by the growing awareness of proliferating cyber threats across various sectors and the government regulations. Cybercrime is becoming a bigger risk for businesses in Asia-Pacific as compared to North America and Europe. Rapid growth in connectivity and the accelerating speed of digital transformation makes APAC region, more vulnerable to cyber exploitation.

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