Na 2021, na Global Cyber Insurance Market size reached USD 8,64,2.6 million. Looking forward, Market.us expects the market to grow at a 26.2% CAGR over the forecast period.
Cyber insurance is designed for organizations that have suffered a cyber-related security breach. Cyber insurance provides protection for businesses against cyber threats such as malicious hacks, data breaches, distributed denial of service (DDoS), malware and ransomware. It provides financial protection for sensitive customer information such as credit card numbers, social security numbers, and account numbers.
The increasing digitalization of businesses and economies has presented many challenges in managing digital security and privacy. Due to the rapidly rising incidences of cybercrimes and digital frauds, threats and data breaches, managing internet and online risk have become a top priority for businesses. This is one of the main reasons cyber insurance is in high demand to cover the company’s costs and allow it to continue its core operations. Cyber insurance is becoming increasingly popular in medium and small-sized businesses (SMEs).
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The main factors driving the growth of cyber insurance markets are increased awareness of cyber risks associated with business interruption (BI), and the increasing number of mandatory legislations governing data security at different end-users such as banks, healthcare, and other. The insurance industry plays an important role in helping consumers and businesses to manage cyber risk. Insurance also provides financial protection for policyholders against cyber-attacks that are not completely prevented.
Tebụl: Oke akụkọ ahụ
| àgwà | Details |
| Nha ahịa na 2021 | USD 8,64,2.6 nde |
| Ọnụego Uto | 26.2% |
| Afọ Akụkọ | 2016-2020 |
| Afọ isi | 2021 |
| Nkeji ọnụọgụgụ | USD In Mn |
| Ọnụọgụ nke ibe dị na mkpesa | Ibe 200+ |
| Ọnụ ọgụgụ nke Tebụl & Ọgụgụ | 150 + |
| format | PDF/Excel |
Market Driving factors:
Cybercrime and data breaches continue to rise around the world. According to the Checkpoint report, there was a 93% increase in ransomware attacks during 2020. In addition, 6 out of 10 companies were affected by the attack. The cyber insurance market is expected to grow due to the significant increase in cyberattacks. The demand can be further supported by the introduction of data privacy laws like the Health Insurance Portability and Accountability Act, (HIPAA), and the EU’s General Data Protection Regulation (GDPR).
The rate of cyberattacks has increased dramatically due to digitization, especially during the COVID-19 pandemic. Complex governance and data security regulations will drive the future adoption of cybersecurity insurance markets.
Market Restraining factors: High Prices of Services
The cyber insurance market can be hampered by rising premium costs and the addition of charges for data recovery or negotiation with hackers. Insurance companies are raising their premium costs, limiting the ability to continue with an insurance policy. As premium rates rise by 30%, companies like American International Group Inc. reduce coverage limits as the cost increases. Small and medium-sized businesses are therefore more likely to be covered. As cybersecurity insurance prices rise, adoption has been slow. Organizations are now more focused on increasing cyber security than paying the premium.
Akụkụ ahịa isi:
Organization
- SMB
- Nnukwu ụlọ ọrụ
ngwa
- IT & Telecom
- BFS
- Nlekọta ahụike
- retail
- Ngwa ndị ọzọ
Market Key Players:
- AON Plc
- Ụlọ ọrụ American International Group Inc.
- Berkshire Hathaway
- Allianz Group
- Berkshire Hathaway
- Lockton Companies, Inc.
- The Chubb Corporation
- Ụlọ ọrụ Munich Re Group
- Ndị ọzọ Key Key
KEY INDUSTRY DEVELOPMENTS
Microsoft created Defender in May 2022 to help SME security and reduce cyber risk. This solution offers end-point security. It includes Endpoint Detection and Response.
Prevalent created Connector Marketplace in October 2021. It has enhanced capabilities that include new ESG findings and regulatory findings. This will provide a holistic view of enterprise risk management.
September 2021-Zurich Insurance Group partnered with BOXX Insurance (a Toronto-based insurtech firm). Through its collaboration with BOXX, the company aims to improve its customer-focused cyber protection solution for its customers as well as its partners.
February 20, 2121 – The Chubb Corporation launched digital insurance products under its BLINK suit. BLINK products provide personal cyber protection in 25 states.
AJỤJỤ ndị a na-ajụkarị?
Q1. What is the market share of Cyber Insurance Market?
Q2. What factors are anticipated to drive Cyber Insurance Market trends?
Q3. How can I get report sample of Cyber Insurance Market report?
Q4. Who are the potential customers of Cyber Insurance Market?
Q5. Which are the leading players in Cyber Insurance Market?
Q6. How can I get company profiles on top ten players of Cyber Insurance market?
Q7. Which region is and will provide more business opportunities for Cyber Insurance in future?
Q8. What are the key growth strategies of Cyber Insurance industry players?
Q9. How large is my target market?
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IHE Ị GA-Ewepụ na edemede a:
- The main factors driving the growth of cyber insurance markets are increased awareness of cyber risks associated with business interruption (BI), and the increasing number of mandatory legislations governing data security at different end-users such as banks, healthcare, and other.
- This is one of the main reasons cyber insurance is in high demand to cover the company’s costs and allow it to continue its core operations.
- The cyber insurance market can be hampered by rising premium costs and the addition of charges for data recovery or negotiation with hackers.
