InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Cyber Insurance Market Size, Share & Trends Analysis Report By Company Size (Large Companies and Small & Medium-sized Companies) and Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector)- Market Outlook And Industry Analysis 2031”
The global Cyber Insurance Market is estimated to reach over USD 91.22 billion by 2031, exhibiting a CAGR of 23.78% during the forecast period.
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Cyber insurance covers a cyber-related security breach or another comparable event. It offers coverages for both first-party and third-party claims to mitigate the costs of recovering from internet-based cyber damages and reduce risk exposure. The legal costs associated with cyber liability litigation, including any verdicts or payments, are covered by this policy.
Greater availability of personal data online, as well as an increase in social media usage, have encouraged cybercriminals to commit crimes that primarily include selling personal data, such as identities, card numbers, medical records, and many others, on the black market. These reasons have led to an increase in the market’s demand for cyber insurance. Furthermore, strong insurance coverage can help firms lessen the impact of such occurrences. It protects businesses from the costs associated with internet-based cyberattacks on information technology (IT) infrastructure, information policy, and governance, typically not covered by standard compensation plans.
Additionally, some countries impose sanctions on corporations for any breach of crucial records and establish governing rules. Additionally, due to their inadequate cybersecurity measures, small and medium-sized enterprises are frequently targeted by cybercriminals. This makes it even more important for these businesses to have comprehensive insurance.
List of Prominent Players in the Cyber Insurance Market:
- American International Group, Inc.
- Aon plc
- AXIS Capital Holdings Limited
- BCS Financial Corporation
- Beazley Group
- Berkshire Hathaway Inc
- Chubb (Switzerland)
- CNA Financial Corporation
- Lloyds of London Ltd
- Lockton Companies, Inc
- Munich Re
- The Chubb Corporation
- The Hanover Insurance, Inc.
- Travelers Indemnity Company
- Zurich Insurance
Since a significant section of the world’s population spends most of their time online, significant cyber dangers might fuel the demand for cyber insurance. The market’s demand for cyber insurance is growing significantly due to several steps launched by governmental and regulatory bodies to fortify defenses. Blockchain technology and artificial intelligence (AI) technology are two of the most recent and emerging products expected to provide risk analytics solutions and create new business prospects for the market’s expansion. These cutting-edge technologies’ integration with risk analytics software would help cybersecurity insurance companies with some of their most pressing problems.
A lack of expertise and technical understanding, as well as growing worries about cybercrime, information protection, and information privacy, will be important growth inhibitors for the industry. Additionally, lack of historical cyber and ignorance will emerge as the biggest and most important obstacles to the market’s expansion. The market expansion may need more cyber security professionals to monitor and stop online threats. The increasing risks can be warded off via training in cyber intelligence and internal training programs for staff members.
The North American cyber insurance market is expected to register as a major market. The growing demand for coverage of financial losses and the rise in consumer awareness of the safety of consumers’ private information, including social security numbers, credit card numbers, and health records, are helping the North American industry expand. Due to increased cyberattacks and cybercrimes against large businesses, the availability of reliable cybersecurity solutions, and rising funding for accelerating development and research efforts to create cutting-edge cyber insurance solutions. In addition, the Asia Pacific region is expected to hold the second-largest share of the market. Due to a growing emphasis on and knowledge of cyber insurance in the area, a quick transition of enterprises to the cloud and adoption of IoT, and an increase in the number of cybersecurity firms providing priced insurance plans. The region’s expanding economies, notably China and India, are subject to attacks on blockchain systems and vulnerabilities in cloud security. Because of this, the governments of major economies are adopting strategic actions, such as implementing laws to strengthen IT security and starting campaigns to raise public awareness of cyberattacks.
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- In 2022-An unpleasant party contacted Medibank, an Australian insurance firm, claiming to possess customer data and demanding a ransom for its deletion. Medibank announced in its most recent company statement. The corporation discovered some “strange behavior” on its internal systems on October 13, which led to the initial cyber security conflict.
- In 2022-Following the upcoming Cyber Security Awareness Month and considering the cyberattack on Optus Month in 2022, Uncover offered cyber security insurance for small businesses. The organization launched the most recent Cyber and Privacy Liability Insurance, primarily focusing on serving Australian small and medium-sized businesses.
Segmentation of Cyber Insurance Market-
By Company Size
- Large Companies
- Small & Medium-sized Companies
By Industry Vertical
- IT & Telecom
- Retail & E-commerce
- Government & Public Sector
- The US
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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