Cyber Insurance Market Overview :
Cyber insurance is used to defend business and specific users from internet-based hazards. It covers the business liability for a data crack involving sensitive customer information, such as social security numbers, health records, credit card numbers, account numbers and driver's license numbers. To improve security, it is extremely beneficial in the event of a large-scale security breach. It offers a smooth backing device for recovery from main losses, helping businesses to return to usual and reducing the necessity for government support. It allows cyber-security risks to be distributed fairly, with cost of percentages corresponding with the size of anticipated loss from the risks.
The major factors which are driving the growth of the cyber insurance market are rise in cyber risk alertness among high executives, and high cyber linked losses. In addition, providing resources for data breach response, offsetting the expenses of a data breach and closing the gap between traditional coverage and current needs are the supporting factor of market growth. However, complex and changing nature of cyber risks are some the restrain that may hamper the market growth. Carrying out of regulation regarding data protection in emerging countries is expected to present potential growth opportunities over the forecast timeframe.
Company size, industry vertical and geography are the primary segments considered in the global cyber insurance market. Company size segment is bifurcated into small medium enterprise (SME) and large. enterprises. Industry vertical segment is categorized into retail, healthcare, financial services (BFSI), information technology and services and others verticals.
Based on geography, the global cyber insurance market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Major companies operating in the global market include Aon plc, BitSight Technologies, SecurityScorecard, Beazley Group, PivotPoint Risk Analytics, Lloyd's, XL Group Ltd, Berkshire Hathaway Inc., American International Group, Inc., Chubb, Zurich, among others.
The key takeaways from the report
- The report will provide detailed analysis of the Global Cyber Insurance Market with respect to major segments such as company size, industry vertical and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of the Global Cyber Insurance Market has been included in the report
- Profile of the key players in the Global Cyber Insurance Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Cyber Insurance Market
Company Size Segments
- Small Medium Enterprise (SME)
- Large Enterprises
Industry Vertical Segments
- Financial Services (BFSI)
- Information Technology and Services
- Other Industry Verticals
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East