What is Compelling Companies to Purchase Cyber Insurance?

The global cyber insurance market attained a size of $3,416.4 million in 2016, as per P&S Intelligence, which also said that the market will grow at a CAGR of more than 20.0% in the coming years. Currently, large enterprises are the major buyers of cyber insurance as they have ample budgets, which is also why such companies will be the most significant users of insurance schemes in the future. However, the purchase of cyber insurance by small and medium enterprises (SMEs) is expected to be faster than large firms, primarily due to the toughening of the laws regarding cyber security.

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Apart from their IT infrastructure, companies are also trying to protect their supply chain. As a smooth supply chain is often the key to success for organizations, any breach in related data can prove catastrophic by resulting in loss of consumer confidence, financial penalties, drop in stock price, and legal expenditure. This is why large, mid-size, and small firms are availing themselves of supply chain risk management services provided by cyber insurers.

Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups in order to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to an increase in the awareness of and interest in cyber insurance, thereby escalating the growth of cyber insurance market, globally.

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Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue in 2016. Whereas, the sales are expected to witness the fastest growth in the rest of the world (RoW) market, during the forecast period. The market growth in RoW will be led by factors such as surge in digitization within the industry, leading to more generation of data and exposure cyber risk, availability of new industry specific insurance packages, and growth in investment in risk premium solutions to deal with budget constraints.

The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.