Press release
Cyber Insurance Market to Boom in Developed as well as Developing World: Top Key Players are Chubb, Berkshire Hathaway, Allianz Global Corporate & Specialty (AGCS), Munich Re (Group), Lloyd's, Lockton Companies, Aon
Top key players are operating Cyber Insurance Market:
1- Chubb
2- Berkshire Hathaway
3- Allianz Global Corporate & Specialty (AGCS)
4- Munich Re (Group)
5- Lloyd's
6- Lockton Companies
7- Aon
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Attributed to these factors, companies have started utilizing cyber insurance, which protects individual users and enterprises from internet-based risks, primarily relating to IT infrastructure and activities. Coverage offered by cyber insurance policies includes first-party coverage against losses, such as data hacking, extortion, theft, destruction, and denial of service attacks. According to a research conducted by P&S Intelligence, in 2016, the global cyber insurance market generated $3.4 billion and is predicted to advance at a 20.0% CAGR during the forecast period (2017-2023). Both large enterprises and small and medium enterprises make use of cyber insurance; however, the larger demand for these policies was created by large enterprises during 2013-2016.
Several industries utilize cyber insurance for protecting their critical data, namely healthcare, IT services, banking, financial services, and insurance (BFSI), retail & manufacturing, and others (which include government, energy & utilities, and transportation & logistics). The largest demand for cyber insurance was created by the BFSI industry during 2013-2016 and the situation is going to be the same in the coming years as well. During the forecast period, the fastest growth in demand for cyber insurance is projected to be registered by the retail & manufacturing industry because of the presence of a large number of cyber challenges and risks in the industry, including online operations and digital supply chain management.
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The increase in denial of service (DoS) attacks is a key trend that is being observed in the cyber insurance market. The victims of these attacks range from major financial institutions to individuals attempting to access their personal email. Considerable damage has been caused by these attacks, in terms of revenue loss. Cyber insurers aid businesses in reducing the risk of such attacks by monitoring the global threat landscape and understanding the latest trends in the DoS attacks. Coverage for business interruptions, extra expense, and contingent interruptions losses, such as loss due to network host or cloud provider, is provided by first-party cyber insurance policies.
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About P&S Intelligence
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.
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