According to the Report “Cyber Insurance Market: By Type (Cyber Security, Cyber Liability, Technology errors and Omissions, others); By Industry Vertical (Healthcare, Retails, BFSI, IT and services, others) & By Geography – Forecast (2015–2020),” published by IndustryARC, the global cyber insurance market is poised to reach $8.485 billion by 2020.
Browse 87 Market Tables and 35 figures spread across 188 pages and an in-depth TOC on the Cyber Insurance Market
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According to a recent study by IndustryARC, the cyber insurance market is forecast to reach $40.14 billion by 2025, growing at a CAGR of 26.85%. The rise in the software vulnerabilities is significantly growing the demand for network security products and high-end technology. The technological developments related to Cyber Insurance Linked Securities (ILS), MGUs (monoclonal gammopathy of undetermined significance) and MGAs (managing general agent) in cybersecurity systems are driving the growth of the cyber insurance market. Cybercrime continues to surge without a slowdown, owing to the ease of access with minor’ safeguarding, and the lack of awareness of attack is raising concerns for small and medium-sized companies. In recent years, banks and insurance companies are adopting cybersecurity measures to safeguard their business data, cash flow, and customers information are safe in online space.
Cyber insurance is not a new phenomenon in the market. The robust innovations in this field have opened up a wide range of applications for each industry. The growing cases of cyber-attacks such as breach on a few unclassified networks and customer data breaching are fueling the growth in the Cyber Insurance market. Moreover, the technological innovations in risk and compliance management, firewall, identity and access management, and have propelled the global Cyber Insurance market towards growth.
The risk associated with supply-chain based attacks are is harmful to companies. Based on a survey done by Opus and onemon, 59% of the organizations surveyed have experienced a data breach caused by one of their vendors. However, complicated supply chain attacks take place due to the intrusion of harmful threat vectors before the compilation of authorized code, which could be one of the prominent threats to keep an eye on by the user. At present, Cyber Insurance market is at a growing stage but will eventually pick up in the coming years.
North America and Asia-Pacific are the largest markets for cyber insurance. In North America, the technology adoption rate is significantly high and the presence of cybersecurity vendors in this region contribute a major value to the Cyber Insurance market. The APAC cyber insurance market is expected to grow at the highest CAGR during the forecast period owing to the region’s thriving industries such as BFSI, Healthcare, IT & telecommunication, and so on.
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The Major Players in this Market Include
- Allied Worldwide Insurance
- Axis Capital holdings limited
- BCS Insurance Company
- CNA Financial Corporation
- Beazley Insurance.
- Others (Travelers Companies, Chubb Limited, XL Catlin Group Limited)
Cyber Insurance companies have utilized mergers and acquisitions as well as advanced technology incorporation to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leverage capabilities of acquired companies to gain a foothold in the emerging markets.
The various end-user industries covered in the Cyber Insurance Market Report include:
- Automotive & Transportation
- Energy and Utilities
- Banking and Financial Services
- Information Technology and Telecommunication
- Media and Entertainment
The overall Cyber Insurance Market is also presented from the perspective of different geographic regions and the key countries for this industry. The competitive landscape for each of the product types is highlighted and market players are profiled.
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A. Automotive Cyber Security Market
B. Internet Security Market
What can you expect from the report?
The Cyber Insurance Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Cyber Insurance Market Size by Product Categories & Application
2. Cyber Insurance Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Cyber Insurance Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Cyber Insurance Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Cyber Insurance Market Strategic Analysis
18. Cyber Insurance Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Cyber Insurance Market Revenue and Volume Analysis
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