Cyber Security Insurance Market Global Competition and Business Outlook 2021 to 2026 | XL Group Ltd (AXA S.A), American International Group Inc., Berkshire Hathaway, Zurich Insurance Co. Ltd

The report presents an in-depth assessment of the Global Cyber Security Insurance Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global Cyber Security Insurance investments from 2021 till 2026. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.       

The cybersecurity insurance market was valued at USD 7.36 billion in 2020 and is expected to reach USD 27.83 billion by 2026, registering a CAGR of 24.30%, over the forecast period (2021-2026).

The Global Cyber Security Insurance market is highly competitive and consists of a number of major players. Companies like XL Group Ltd (AXA S.A), American International Group Inc., Berkshire Hathaway, Zurich Insurance Co. Ltd, The Chubb Corporation, Aon PLC, Bin Insurer Holding LLC?, Lockton Companies Inc., Security Scorecard, Allianz Global Corporate & Specialty, Munich Re Group Amongst Others.

Key Developments:

- May 2020 - Coalition, the leading cyber insurance, and security company in the US are expanding its offering to Canada-based companies, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. The coalition will offer up to CAD 20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re (A.M. Best A+) to companies with up to CAD 1 billion in annual revenue.
- September 2019 - AXA XL and Accenture have partnered to offer global cyber-security expertise to AXA XLs underwriters, brokers, and clients to strengthen their cyber capabilities and recover from cyber-attacks.

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Scope of the Report:

The increasing digitalization adoption, such as the cloud, Big Data, mobile technologies, IoT, and artificial intelligence (AI), in ever more areas of business and society, and the growing connectivity have increased the workload of already strained IT teams.

- Cases of unauthorized stealing or accessing sensitive business data, such as intellectual properties, employees personal information, or even financial records, have been rising, which, in turn, is driving the cybersecurity insurance market.
- However, cyber Insurance helps in guarding businesses against the potential effects of cyber-attacks. It helps an organization mitigate risk exposure by offsetting costs after a cyber-attack/breach has happened. To simplify, cyber Insurance is designed to cover the fees, expenses and legal costs associated with cyber breaches that occur after an organization has been hacked or from theft or loss of client/employee information
- According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of global GDP.

Key Market Trends:

Healthcare Segment is Estimated to Hold a Significant Share of the Market Studied

- Due to data proliferation, healthcare is emerging as a significant market for the global cybersecurity insurance market. Digitization has exponentially increased the volume and speed of healthcare data generation. As much as 80% of the data generated by the healthcare industry is likely to be in the cloud by 2020, according to HIPAA. Security is also becoming a major concern.
- Personal data is valuable, which prompts the cybercriminals for a crime. Personal information is being sold on the dark web for as little as USD 5 for a credit card number, USD 30 for an entire identity, or up to USD 1,000 for medical records. It is among the few factors, which have led to an increased demand for cybersecurity.
- The healthcare industry, across the world, is also witnessing multiple data breaches as the health-related data is moving rapidly toward electronic records. This has resulted in an increase in electronic health/medical records, which requires robust security solutions. According to the HIPAA, the top 3 data breaches in the healthcare sector in the United States witnessed a combined loss of more than 5.2 million patient records, including organizations like Accudoc Solutions, UnityPoint Health, and Employees retirement system of Texas.

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What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Global Cyber Security Insurance Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Finally, Global Cyber Security Insurance Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.

Key points in this report:

– The market estimate (ME) sheet in Excel format

– Report customization as per the client’s requirements

– 3 months of analyst support

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