Jun 16, 2020 (The Expresswire) -- Global Cyber Security Insurance Market (2020-2024) report highlights Significant dynamics and in-depth analysis of the market segment with concentrating on factual data, present industry activities, growth opportunities, new product inventions, and market forecast for the future prospective of time along with leading market players, market study based on several regions, and extensive product. Cyber Security Insurance Market report can function as an assistive reference point for helping individuals as well as businesses from this segment. The leading industry players across the globe are explored in detail in this report. It demonstrates product overview, company summary, and manufacturing cost, capacity, and market shares for most of the participants.
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The objective of the study is to define market sizes of different segments and countries in previous years and to forecast the values to the next Five years. The report is designed to incorporate both qualify qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Cyber Security Insurance market.
The Cyber Security Insurance Market business development trends and selling channels square measure analyzed. From a global perspective, it also represents overall industry size by analyzing qualitative insights and historical data.
The cyber security insurance market is expected to reach USD 17.55 billion in 2023 from USD 4.52 billion in 2017, registering a CAGR of 25.4%, during the forecast period (2018 - 2023). The scope of the report is limited to the size of organization and its usage in various industry verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.
Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.
Rise in Cyber Data Breaches
In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.
Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers. Union bank of India was hacked in 2017 and USD 171 million was debited without bank’s authorization. All these incidents have led companies to buy cyber security insurances.
Asia-Pacific to Project the Fastest Growth
Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come. Moreover, there is huge demand of this market from telecom service providers as well.
Key Developments in The Market
• March 2018 - XL Catlin and RedSeal announced a dynamic approach to cyber insurance, which uses an objective measurement of a network’s resilience to help underwriters more thoroughly evaluate their clients’ risks over time, helps clients continue to improve their cyber security and potentially improve their insurance terms
• December 2017 - American International Group, Inc. announced a new cyber benchmarking model that quantifies and scores client cyber risk. The AIG model evaluates a client’s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices
major players - XL GROUP LTD, AMERICAN INTERNATIONAL GROUP, INC., ZURICH INSURANCE Co. LTD, AON PLC, ALLIANZ GLOBAL CORPORATE and SPECIALTY, MUNICH RE GROUP, AND LOCKTON COMPANIES, INC., amongst others.
Reasons to purchase this report
• To know, how various factors are driving the market with respect to the global market scenario
• To analyze various market perspectives, with the help of Porter’s five forces analysis
• To know, which of the regions is expected to witness the fastest growth rate during the forecast period
• To identify the latest developments, market shares, and strategies that are employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Cyber Security Insurance Market for 2020-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Cyber Security Insurance.
The market is divided into the following segments based on geography:
Global Cyber Security Insurance Market 2020-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Growing research activities coupled with new product launches.
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High Opportunity in the Industry
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Complications associated with Cyber Security Insurance procedures.