The global Cyber Insurance Market size is expected to reach USD 19.2 billion by 2025, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Cyber insurance is anticipated to aid businesses in minimizing losses incurred due to potential threats of cybercrimes such as ransomware, malware, distributed denial-of-service attacks, or other threats, which can severely compromise a network. Cyber insurance covers the liability of a business for breach of data, comprising sensitive customer information such as credit card details, social security numbers, drivers’ license numbers, account details, and health records.
Technological advancements have proliferated the use of
Internet of Things (IoT), artificial intelligence (AI), robotics, and virtual
reality (VR) and augmented reality (AR), thereby positively influencing the use
of these technologies at workplaces and homes. However, these developments have
created new threat vectors. The insurance industry enables an organization or
consumers to minimize cyber risks associated with these emerging threats.
Demand for cyber insurance primarily originated from IT,
banking, media, and telecom firms, which are exposed to severe cyberattacks.
These firms demand robust cybersecurity structure against malware attacks and
loss of confidential information of clients. However, cyberattacks and threats
are inevitable as hackers have developed sophisticated ways of targeting
different businesses. The types of cyberattacks against businesses are
continually evolving and cyber insurance acts as a convenient solution for
organizations to receive compensation for financial losses incurred.
Growing awareness of cyberattacks has enabled
organizations to understand, address, and diversify their risk strategies.
Rising demand for cyber insurance protection coverage in areas beyond retail,
healthcare, and financial institutions, such as professional services, is
further driving the market. Cyber risk insurance is anticipated to be an
alternative way to mitigate damage caused by breach of data. Insurers evaluate
the strength of a company’s cybersecurity stance before issuing any policy.
However, if an organization has not invested in appropriate cybersecurity
solutions, then it may not qualify for insurance.
Stringent legislation concerning cybersecurity in several
states in the U.S. has led to greater penetration of cyber liability policies.
The U.S. cyber insurance market has witnessed exponential growth in the recent
past. Presence of key players in the country is further strengthening the
domestic market.
Rapid industrialization in developing economies such as
China, India, and other South Asian countries is anticipated to drive the Asia
Pacific market. This regional market is expected to exhibit the highest CAGR
over the forecast period. Rising number of small and medium businesses in the
region is anticipated to create a substantial demand for cyber insurance
businesses.
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Further key findings from the report
suggest:
- The global cyber insurance market was valued at USD
4.3 billion in 2018 and is expected to exhibit a CAGR of 25.6% from 2019
to 2025
- The large enterprise segment accounted for dominant
share of over 85.0% in 2018. The SMB segment, on the other hand, is
anticipated to register the highest CAGR of 15.3% over the forecast period
- The BFSI application segment accounted for a revenue
share of over 24.0% in 2018. The healthcare segment is anticipated to
expand at the fastest pace over the forecast period
- Key players operating in the market include AON Plc;
American International Group, Inc.; Allianz Group; Berkshire Hathaway; and
Lockton Companies, Inc.
- The North America market accounted for the largest
revenue share of over 76.0% in 2018
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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