May 26, 2020 (Market Insight Reports) --
Cyber Security Insurance - A Market Overview and Forecast 2020 - 2025, This report presents a profound evaluation of basic elements of the Cyber Security Insurance industry such as production scale and profit generation. Market driving factors, newly adopted technologies, latest business methodologies have been discussed in this report. The report also forecasts the potential of the market and reviews a thorough analysis of vital segments and regional markets.
"The cybersecurity insurance market was valued at USD 7.36 billion in 2019, and is expected to reach USD 27.83 billion by 2025, registering a CAGR of 24.30%, during the forecast period (2020 – 2025)."
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Cyber Security Insurance Market: XL Group Ltd, American International Group Inc., Lloyds Bank PLC, Zurich Insurance Co. Ltd, The Chubb Corporation, AON PLC, Beazley Group, Lockton Companies Inc., Security Scorecard, Allianz SE, Munich Re Group, and others.
The trending digitalization, such as the cloud, Big Data, mobile technologies, IoT, and artificial intelligence (AI), in ever more areas of business and society, and the growing connectivity of everything, have increased the workload of already strained IT, teams.
Cases of unauthorized stealing or accessing sensitive business data, like intellectual properties, employee’s personal information, or even financial records, have been rising, which, in turn, is driving the cybersecurity insurance market. Cloud computing is one of the most rapidly growing recent technologies, eliminating the traditional boundaries of IT, creating new markets, spurring the mobility trend, enabling advances in unified communications, which is another driver for the cybersecurity insurance market.
Scope of the Report
Cybersecurity insurance is a contract that an individual or entity can purchase to help reduce the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risks to the insurer. Many companies purchase cybersecurity insurance policies to cover extra expenditures that could result from the physical destruction or theft of digital assets. Such expenditures typically include the cost of notifying customers that a security breach has incurred, as well as the cost of regulatory compliance fines. To qualify for coverage, the individual or entity typically has to submit to a security audit by the insurance company or provide documentation with the assistance of an approved assessment tool, such as that offered by the Federal Financial Institutions Examination Council. Many cybersecurity insurance policies only cover first-party losses to a company. Some policies, however, may also cover third-party liability losses.
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Healthcare Segment is Estimated to Hold a Significant Share of the Market Studied
Due to data proliferation, healthcare is emerging as a significant market for the global cybersecurity insurance market. Digitization has exponentially increased the volume and speed of healthcare data generation. As much as 80% of the data generated by the healthcare industry is likely to be in the cloud by 2020. Security is also becoming a major concern.
According to the HIPAA report, 2018 witnessed a 157.67% year-over-year surge in the number of exposed healthcare records in the United States.
Accenture’s 2018 Healthcare Workforce Survey on cybersecurity found that almost 18% of healthcare employees were willing to sell confidential data to unauthorized parties, for as little as USD 500 to USD 1,000. This has increased the need for internal cybersecurity as an immediate solution.
In one Telehealth survey, 69% of the patients expressed that they prefer getting medical care without visiting the hospital. The telemedicine market is expected to grow at a healthy rate since more insurance companies are now offering coverage for these visits as well.
Furthermore, this study will help to solve the following issues:
-Cyclical dynamics : Report foresees the dynamics of industries by using core analytical and unconventional market research approaches.
-Identifying key cannibalizes : Strong substitute for a product or service is the most prominent threat. The report includes key cannibalizes of a market, by procuring marketing research. This helps in aligning new product development/launch strategies before.
-Spotting emerging trends : Report helps to identify upcoming hot market trends. The report also track possible impact and disruptions which a market would witness by a specific emerging trend.
-Interrelated opportunities : This report will allow making decisions based on data, thereby increasing the chances that the strategies will perform better.
Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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