Press release
Cyber Insurance Market is expected to reach a valuation of US$ 23.07 Bn by the end of the forecast period 2021 - 2031
Global Cyber Insurance Market Size, Share, Growth & Trends Analysis Report By Type (First-Party Coverage and Third-Party Coverage) By End User (Financial Institutes, Retail, Healthcare, Professional and Business Services, Manufacturing, Information Technology and Services and Others) And Regional Market Intelligence & Forecast, 2019-2025.Global Cyber Insurance Market was valued at USD 3.89 Billion in the year 2017 and is expected to reach approximately USD 23.07 Billion by 2025, at CAGR 29.18% from 2019 to 2025
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Cyber insurance is designed to protect against the potentially devastating effects of cybercrimes such as malware, distributed denial-of-service (DDoS) attacks, ransomware, or any other method used to protect a network and sensitive data. Cybersecurity insurance products are tailored to help a company mitigate specific risks. These expenses include data loss and restoration, legal fees, extortion, and regulatory fines. Sharing a vast amount of data due to the increasing popularity of digitalization is mainly responsible for cybercrime through a different form of attack. Emerging technologies banking, healthcare, retail, information technology, and automotive sectors is offering automation and ease of working.
However, these technologies are potent factors for the growing vulnerability of cyber exploitation. Rising usage of connected devices across the globe and the emergence of the Internet of Things (IoT) is mainly driving the growth of the cyber insurance market. The cyber insurance market is fragmented into types and end-users. On the basis of type, the market is divided into first-party coverage and third-party coverage. First-party coverage includes losses and damage to the business and third-party coverage is for losses clients incur in a cyber event. Furthermore, first-party coverage includes business interruption, computer fraud, property damage, and identity theft.
Third party coverage includes advertising & personal injury, the transmission of virus or malicious content, errors & omissions caused due to failure of network security. Application segmented is further divided into financial institutes, retail, healthcare, professional and business types, manufacturing, information technology, and types and others. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries such as manufacturing, construction, energy, education, and utilities which poised the demand of the cyber insurance market. Among these industries, the healthcare industry has the highest penetration of cyber liability insurance policies as huge third-party data available with them.
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Other industries where a surge in demand is witnessed is information technology, and education, healthcare, retail. Companies are also increasingly crafting multipronged responses to cyber threats. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. Providers of the insurance have launched several products to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
Market Dynamics
The increasing number of cyber-attacks and also mandatory legislation regarding cybersecurity are surging the cyber insurance market. Therefore, providers of insurance and reinsurance have gained the opportunity to secure sensitive data. The growth is attributable to the rising number of organizations opting for services mitigating the financial and reputational risks associated with data breaches. However, complex and changing nature of cyber risks, lack of historical data limits cyber insurance market growth. Nonetheless, due to the rise in usage of cloud computing technology and extensive use of mobile devices that have increased the need for data protection. In addition, increased focus on claims and risk management capabilities is expected to gain traction to the cyber insurance market.
Geographical Outlook
The global cyber insurance market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in the Asia Pacific are prone to cyber-attacks due to poor protection against cyber-attacks. In India, the demand for this market rose by more than 50% in 2017 as compared to that with 2016. The cyber insurance market in Singapore is expected to register the highest growth in the Asia-Pacific region.
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
1.4. List of Abbreviations
Chapter 2. Executive Summary
2.1. Cyber Insurance Market - Industry Snapshot
2.2. Cyber Insurance Market
Chapter 3. Customer Care BPO Industry Outlook
3.1. Market Segmentation
3.2. Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Penetration & Growth Prospects Mapping
3.5. Industry Analysis - Porter’s Five Forces Analysis
3.6. PESTEL Analysis
Chapter 4. Cyber Insurance Market: By Type (USD Billion)
4.1. First-Party Coverage
4.2. Third-Party Coverage
Chapter 5. Cyber Insurance Market: End-User (USD Billion)
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5.1 Financial Institutes
5.2 Retail
5.3 Healthcare
5.4 Professional and Business Services
5.5 Manufacturing
5.6 Information Technology and Services
5.7 Others
"Annie Richard -annie.r@mnemonicsresearch.com
Bavdhan,
Pune, Maharashtra 411021
+91 90223 48316
info@mnemonicsresearch.com"
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