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Mandatory legislation regarding cyber security is driving cyber insurance market
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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.
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.
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The former sector has a dire need to protect the supply chain, whereas the latter is aiming to keep patients' data related to their disease, medication, and insurance claims secure. Geographically, North America is currently the largest cyber insurance market, and it will continue being so in the near future, owing to the well-developed IT infrastructure, presence of large data-driven firms, and increasing risk of cyber-attacks.
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