Cyber insurance market is set to grow as an outcome of an increase in data breach incidences in past 2-3 years. These attacks escalate in intensity and frequency, and pose a threat to individuals, organizations, and countries. Cyber-attacks have adverse impact on businesses such as declining customer base, disruption of business, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational damage.
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In the year 2014, there was increased number of cybercrimes with similar repercussions. Business houses such as Home Depot, Sony Entertainment, and Target had experienced data breaches that required them to pay billions of USD to cover the cost of damage. Similarly, financial institutions such as JP Morgan Chase, were also affected more severely, and had to pay huge amount to cover losses.
Key Players:
American International Group, Inc.,The Chubb Corporation,Zurich Insurance Co. Ltd,XL Group Ltd,Berkshire Hathaway,Allianz Global Corporate & Specialty,Munich Re Group,Lloyd’s,Lockton Companies, Inc.,AON PLC,BitSight Technologies,Security Scorecard,Pivot Point Risk Analytics,Quadmetrics, Inc.,Bin Insurer Holding, LLC,Beazley Plc.
To cater to the same, the stakeholders within the cyber insurance industry use approaches to educate consumers about the losses incurred due to cyber-attacks and stratagems to cope with them. For instance, Cyber liability insurance, which is available since last ten years, tends to protect business data from such cyber-attacks.
Cyber insurance industry provides insurance products to mitigate risks and associated cost incurred due to cyber-attacks. BFSI, healthcare, and retail sector are the most targeted sectors, witnessing increase in incidences of information and identity theft, scams, and frauds. However, in the recent years, other industries such as manufacturing, construction, sports & gaming, entertainment, and education have also come under threat from cyber-attacks.
Cyber insurance market growth is aided by a numerous factors. The prime factors include increase in awareness regarding cyber risks and mandatory legislations regarding cyber security in major countries, such as U.S., UK, South Korea, and Australia. In addition, rise in awareness regarding business interruption (BI) risks and related insurance products is also expected to drive the cyber insurance market. However, as this industry is complex and changes regularly, lack of standardized policies and evolving perils are projected to limit the market growth.
Cyber insurance market has a huge potential; however, it is largely an untapped market. Looking at spate of cyber-attacks, companies look forward to extend cyber liability to their supply chains as well, thus providing new opportunities for cyber liability insurance providers within the cyber insurance industry to innovate their insurance products.
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The study conducts SWOT analysis to assess the strengths and weaknesses of the key players engaged in the Cyber Insurance market. Moreover, the report undertakes an elaborate examination of drivers and constraints operating in the market. The report also evaluated the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Cyber Insurance market segments and regions.
Competitive scenario:
The study assesses factors such as segmentation, description, and applications of Cyber Insurance industries. It derives accurate insights to give a holistic view of the dynamic features of the business, including shares, profit generation, thereby directing focus on the critical aspects of the business.
Major highlights of the report:
- An all-inclusive evaluation of the parent market
- The evolution of significant market aspects
- Industry-wide investigation of market segments
- Assessment of the market value and volume in the past, present, and forecast years
- Market share evaluation
- Study of niche industrial sectors
- Tactical approaches of the market leaders
- Lucrative strategies to help companies strengthen their position in the market.
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