Global Cyber Insurance Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Cyber Insurance Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global cyber insurance market report has been segmented on the basis of industry vertical and region.
Global Cyber Insurance Market: Overview
Cyber insurance policy is a cyber-risk insurance or cyber liability insurance coverage to protect businesses and individual users from Internet-based risks, such as viruses, hackers, etc., that can affect computer systems. These policies offered by various companies for businesses provide and cover liability and property losses that may result when an organization engage in electronic or Internet-based activities such as performing a transaction online, collection data within its internal electronic network, etc. Cyber insurance is usually preferred to protect against data breaches by providing compensation claims such as network security protections, loss of data, stealing of intellectual property, and privacy loss.
Global Cyber Insurance Market: Dynamics
Increasing number of cybercrime or cyber-attacks across various countries is a major factor expected to drive growth of the global market.
In addition, increasing opportunity for brokers towards innovating cyber insurance products/services to manage risks amount, and insurance cost-related for data thefts, criminological investigations, and business interruption and reputation, etc. Aforementioned are major factors expected to drive growth of the global cyber insurance market.
Moreover, cyber insurance policy covers expenses of first parties as well as claims by third parties, some common recompense expenses are investigation, business losses, economic losses by network downtime, data loss recovery, involvement of costs to manage a crisis, privacy, lawsuits and extortion is another factor expected to drive growth of the global cyber insurance market.
Furthermore, advances development such as outsourcing data processing by cloud providers, growing uses of the connected devices to handle business leads to the risk of a data breach due to less-secure environments. This, in turn, is expected to drive growth of the global cyber insurance market.
However, complexity and constant change in the nature of cyber risks and limited access to cyber insurance policies in developing countries are some of the major factors that could restrain growth of the global cyber insurance market.
Global Cyber Insurance Market: Segment Analysis
Among all industry verticals, banking Insurance and financial services (BFSI) and information technology segment are expected to contribute significant share in terms of revenue in the target market, owing to increasing number of cyber-attacks and digital banking transactions. In terms of revenue, healthcare segment is expected to register a high growth during the forecast period owing to growing adoption of digital or connected devices.
Global Cyber Insurance Market: Regional Analysis
The cyber insurance market in Asia Pacific is projected to register lucrative CAGR in the global market in terms of revenue over the forecast period, owing to low protection against cyberattacks in Asian countries. In addition, countries such as Australia, New Zealand, Singapore, South Korea, and Japan are more vulnerable to cyber-attacks than other countries in Asia Pacific.
North America cyber insurance market is expected to account for significant revenue share in the global market, due to compulsory uses of cybersecurity across various organisation in U.S
Global Cyber Insurance Market Segmentation:
Segmentation by industry vertical:
- Financial Services (BFSI)
- Information Technology and Services
- Others (Utilities, Energy, Manufacturing, Construction, and Transportation)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- American International Group, Inc.
- The Chubb Corporation
- Zurich Insurance Co. Ltd
- XL Group Ltd
- Berkshire Hathaway
- Allianz Global Corporate & Specialty SE
- Munich Re Group
- Lockton Companies, Inc.
- AON PLC
- BitSight Technologies
- Security Scorecard
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