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.
Request a sample copy or view summary of this report@
https://www.grandviewresearch.com/industry-analysis/cyber-insurance-market
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
About Grand View Research
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment