PUNE, India, Dec. 20, 2019 (GLOBE NEWSWIRE) --
Market Highlights
Global Cyber Insurance Market size was valued at USD 4.71 Billion in 2018 and is expected to register a CAGR of 22.6% during the forecast period.
It is imperative for businesses to have cyber insurance in today’s era. The businesses can be exposed in various ways, and the data and information can be hacked, which leads to serious damages. The professional hackers target businesses to make money. Also, hacktivists attack interfaces, which results in significant damages. Also, currently, the espionage of intellectual property rights is very common.
Segmentation:
According to Market Research Future, the Global Cyber Insurance Market has been Segmented Based on Component, Coverage Type, Organization Size, Vertical, and Region/Country.
By component, the Global Cyber Insurance Market has been divided into solution and services. The services segment is expected to have a higher market share during the forecast period, while the solutions segment is expected to have the fastest growth rate.
By coverage type, the global cyber insurance market has been divided into third-party coverage, first-party coverage, and others. The third-party coverage segment has been further classified as litigation, regulatory response, crisis management, credit monitoring, media, and communications liability, privacy and security liability, and network security liability. The regulatory response segment is expected to have the fastest growth during the forecast period due to the implementations of regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). The first party coverage segment has further been divided into theft and fraud, forensic investigation, business interruption, computer program, and electronic restoration and extortion. The forensic investigation segment is expected to have the fastest growth rate as it is the practice of collecting, analyzing, and reporting digital data in a way that is legally admissible.
Based on organization size, the global cyber insurance market has been divided into small- and medium-sized enterprise (SME) and large enterprise. The large enterprise segment held the largest market share during the forecast period. Previously, the SMEs segment had a low market share compared to large enterprises across a range of verticals. The SMEs have now realized that the threat and potential financial consequences of an attack could lead to considerable losses.
On the basis of vertical, the global cyber insurance market has been divided into aerospace and defense, government, banking, financial services, and insurance, IT and telecom, healthcare, retail, automotive & transportation, manufacturing, energy and utilities, media and entertainment, education and others. The BFSI vertical is expected to adopt these services on a larger scale in the near future.
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Regional Analysis:
The Global Cyber Insurance Market is estimated to register a CAGR of 22.6% over the forecast period. The geographic analysis of the global cyber insurance market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America has the largest market share as the companies in this region lead in terms of advancements in technologies globally. The US leads the market in North America due to the high adoption of digital transformation. With an increase in digitalization, the chances of vulnerabilities and cyber risks increase. As a result, the need for cyber insurance is high in the country.
Europe is expected to be the second-largest market during the review period due to the high adoption of cloud-based services. Factors such as regulatory compliance of laws such as GDPR are also boosting the cyber insurance market in the region. Asia-Pacific is expected to be the fastest-growing market in the global cyber insurance market during the forecast period. The market in countries such as China and Japan are expected to increase at a fast pace in the coming few years. The high growth in the instances of cyberattacks is the key driver for the growth of the market in Asia-Pacific.
Competitive Dashboard:
The Key Players in the Global Cyber Insurance Market are Lloyds Bank PLC (UK), Zurich Insurance Co. Ltd (Switzerland), The Chubb Corporation (US), AON PLC (UK), AXA XL (US), GUY CARPENTER & COMPANY, LLC (US), At-Bay, Inc. (US), American International Group Inc. (US), Beazley Group (UK), Lockton Companies Inc. (US), Security Scorecard (US), Allianz SE (Germany), Munich Re Group (Germany), HDFC ERGO General Insurance Company Limited (India), and Jardine Lloyd Thompson Group Ltd (UK).
Intended Audience
- Cloud infrastructure and component providers
- Value-added resellers (VARs)
- System Integrators (SIs) and aggregators
- Security and access management providers
- Insurance companies
- Software providers
- Government and local authorities
- Technology consultants
- Investors and venture capitalists
- Compliance officers
- Chief financial officers
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