According to a recently published report by Research Nester on “Cyber Security Insurance Market: Global Demand Analysis & Opportunity Outlook 2019-2027” delivers detailed overview of the global cyber security insurance market in terms of market segmentation by company revenue (very small companies ($2.5 million to $99 million), small companies ($100 million to $299 million), medium sized companies ($300 Million to $1 Billion) and large companies ($1.1 Billion and above); by industry vertical (Healthcare, Retail, BFSI, Information Technology and others) and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The cyber security insurance market is segmented by company revenue (very small companies ($2.5 million to $99 million), small companies ($100 million to $299 million), medium sized companies ($300 Million to $1 Billion) and large companies ($1.1 Billion and above) and by regions.
The cyber insurance industry anticipates a steady increase in the demand mainly driven by new regulations, increased awareness of risks and by higher frequency of cyber threat events. Smaller organizations with revenues less than $1 million are more prone to such attacks. Cyber losses can be in many forms, loss of digital assets (personal data, financial data), loss of reputational harm (brand dilution), IP theft (hacking for information), physical losses (data centers and servers), and business interruptions.
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Global cyber security market is anticipated to mask a CAGR of 30% during the forecast period i.e. 2019-2027. North America is considered to be the largest market for cyber insurance. Mandatory legislation pertaining to cyber security in several U.S. states is leading to higher penetration of cyber liability insurance policies. Asia Pacific spending on cyber liability is on the rise as this region is prone to such attacks owing to poor protection against the same. Additionally, there is a huge demand from telecom providers from this region. The European council recently passed protocols regarding data protection and security, which are expected to be brought into effect, these regulations would oblige companies to purchase cyber insurance policies.
Rise in cases of data breach and adoption of cloud solutions
One of the major influencers for this market is rise in number of incidents pertaining to unauthorized stealing or accessing sensitive business data, such as intellectual properties, employees’ personal information, or even financial records. Cloud computing is one of the recent technologies that is being adopted on a large scale to reduce the conventional boundaries of IT. The growing demand for cyber insurance coverage are in sectors beyond banking or financial institutions and healthcare facilities, such as professional services. Companies of different sizes and verticals are now purchasing cyber insurance policies, owing to mandatory legal developments. Low market penetration factors of cyber insurance policies in developing countries promotes promising growth.
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However, complexity and ever-changing technology limits the cyber insurance market growth. In particular, intangible assets are largely uncovered, and cyber incidents such as data breach is the single biggest cyber concern of corporate executives.
This report also provides the existing competitive scenario of some of the key players of the global cyber security insurance market which includes company profiling of AON Plc., Zurich Insurance Group, Berkshire Hathaway Group, Allianz Global Corporate & Specialty, Lockton Companies LLP, Munich Re Group, Beazley, AIG, Inc., Chubb, and AXA XL. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cyber security insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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