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Pulished Date April, 2021
ID: 10587
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Global Cyber Insurance Market Segmentation by Organization Type (Large Enterprises and Small & Medium Enterprises), Application (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, and Others.) and Region: Industry Analysis and Forecast of 2021-2026

Pulished: April, 2021
ID: 10587
Pages: 150

Global Cyber Insurance Market Size, Share & Growth Report (2020 – 2026)

The global Cyber Insurance market size was at 5.35 billion USD in the year 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 33.7% during the forecast period to reach 41 billion USD by the year end of 2026. With digital assaults turning into the standard nowadays, in any event, taking steps to venture into a worldwide epidemic, digital danger back up plans over the globe are seeing associations and end-clients scramble for assurance from conceivable information and data security disasters.

Data breaches that involve crucial and sensitive information such as account numbers, credit card numbers, driver's license numbers, social security numbers, and health records which are a liability to any business are generally covered by cyber insurance. Sadly, crimes such as data breaches and various different cybercrimes have become too common these days. For one of the nation’s largest banks, a discount retail chain, a well-known health insurer, an entertainment network, and the federal government have faced data breaches in the past couple of years which resulted in major fines and legal fees along with a lot of headaches.

An expansion in the selection of digital protection products because of the ascent in implications of digital assaults on open wellbeing, monetary success, and government network safety, has prompted huge development in the digital protection market in the ongoing years. Plus, expanded mindfulness about business interference (BI) digital dangers, and the developing number of obligatory enactments for information security in various end-clients, for example, banking, medical care, and others are a portion of the main considerations fuelling the cyber insurance market development.

In any case, an absence of normalized approaches and changes in dangers are extended to restrict market development. Despite what might be expected, digital protection has gigantic potential as it is generally an undiscovered market in creating economies. A developing number of cybercrimes in Asian nations, for example, China and India have prompted the appropriation of digital risk protection products among the different associations, which is required to give worthwhile occasions to the cyber insurance market during the forecast period.

Recent developments:

  • In February of 2020, a Virtual Care insurance policy was launched to offer protection against the risks associated with technology-enabled lifestyle and healthcare management services in the US by Beazley Plc. Data recovery loss, dependent business interruption, e-crime, business interruption loss, crypto-jacking, and cyber extortion loss are covered under this product.
  • In September of 2019, Travelers Catastrophe Map Viewer, a new capability that provides brokers and agents with before-and-after photos of disaster-affected areas was launched by the company The Travelers Indemnity. The best part is that after a catastrophic it can provide high-resolution aerial images of the location before anyone can reach there. This enables the customers to get an immediate notification from their agents or brokers about the condition of their property and begin the claim process when necessary.

Impact of Covid-19 on Cyber Insurance Market

Due to the coronavirus crisis, many workers of organizations in operation across the globe are working remotely. As a result of this, enterprise virtual private network (VPN) servers are gaining prominence among corporations, with their handiness and security being a serious focus area. However, there's a chance that a company’s unpreparedness will eventually result in a misconfiguration of security in VPNs, which can additionally lead to the exposure of sensitive knowledge or info over the internet. This could additionally lead to the exposure of the operational devices to denial of service (DoS) attacks. Thus, the enhanced risk of cyberattacks, with organizations choosing the work-from-home model within the wake of the pandemic, is completely shaping the cyber insurance market outlook across all regions.

Market growth and trends:

The BFSI sector dominated the cyber insurance trade in 2018 and is projected to keep up its dominance throughout the forecast period, due to the raised frequency of cyber-attacks on massive volumes of customer’s information & worker data, and different confidential details of credit cards.

Market Drivers and Restraints:

Rapidly increasing connected devices each for private and business functions have created new vulnerabilities that cyber-attackers will exploit. Cloud computing, which is employed for outsourcing services and storage, brings tons of advantages yet as risks. Demand for the Cybersecurity insurance market has been driven by the increasing awareness of exposure to cyber threats and its potential impact on the company’s business. In line with a study, the typical value of an information breach was around USD 3.5 million and is anticipated to extend within the forecast period. These prices embody client notification value, the prices of coverage a breach to the regulator, PR costs, and different legal expenses. The strengthening of rules on the loss of personally identifiable info (PII) has fuelled the demand for Cybersecurity insurance across all the sectors. Corporations affected by an information breach would be seeing a fine of 4-dimensional of their total world revenue in line with this regulation. Hence, an enormous deal is seen in terms of organizations shopping for cyber insurance since last year leading to the general growth of the global cyber insurance market.

Market segmentation:

  • Based on Organization Size, the market is segmental into large Enterprises and small & Medium-Sized Enterprises.
  • Based on Application, the market is segmental into Banking & Financial Services, IT & telecommunication, Healthcare, Retail, and Others. The banking and financial services applications phase recorded the dominant market share in 2018. As a result of increasing financial operations, it's fully grown as a core business. it's liable to the next range of incidents in hacking like large-scale fraud, breaches, and heists. Banking and financial services protection could be a matter of concern as these services are referred to as the foundation of economies. Over the forecast period, the healthcare application is predicted to grow at the best CAGR. Digital vulnerabilities are generated by speedy medical aid within the healthcare sector to permit quick access to client information.

Regional Analysis

North America dominates the global cyber insurance market and accounts for around eighty-nine of the general markets in 2018. Necessary legislation concerning cybersecurity in many US states has light-emitting diode to higher penetration of cyber insurance policies. Europe has little penetration of cyber insurance liability policies as compared to that of the U.S. The European Council has recently passed laws concerning knowledge protection and security, which is projected to be brought into result in 2018. These laws would oblige corporations to buy cyber insurance policies. Though Asia-Pacific accounts for a negligible proportion share, it's expected to grow at a big CAGR throughout the outlook period due to a big increase in ransomware attacks.

Key market players:

The major vendors in this market include AXIS Insurance, BCS Insurance, XL, Beazley, Allianz, Liberty Mutual, Zurich Insurance, Munich Re, Berkshire Hathaway, AON, Lockton, CNA, AIG, Chubb, Travelers, etc.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Cyber Insurance Market, By Organization Type                           

                                6.1.1 Large Enterprises 

                                6.1.2 Small & Medium Enterprises           

                                6.1.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.4 Y-o-Y Growth Rate Analysis              

                                6.1.5 Market Attractiveness Index           

                6.2 Cyber Insurance Market, By Application                         

                                6.2.1 BFSI           

                                6.2.2 IT & Telecom         

                                6.2.3 Retail & E-commerce         

                                6.2.4 Healthcare              

                                6.2.5 Manufacturing      

                                6.2.6 Government & Public Sector           

                                6.2.7 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.8 Y-o-Y Growth Rate Analysis              

                                6.2.9 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Organization Type         

                                7.2.3 By Application       

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Organization Type         

                                7.3.3 By Application       

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Organization Type         

                                7.4.3 By Application       

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Organization Type         

                                7.5.3 By Application       

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Organization Type         

                                7.6.3 By Application       

8. Key Player Analysis                                    

                8.1 AXIS Insurance                          

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 BCS Insurance                           

                8.3 Beazley                        

                8.4 Allianz                           

                8.5 Liberty Mutual                          

                8.6 Zurich Insurance                      

                8.7 Munich Re                  

                8.8 Berkshire Hathaway               

                8.9 AON                              

                8.10 Lockton                     

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Organization Type, Application along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
  1. Global Cyber Insurance Market By Region, From 2020-2025 ( USD Billion )
  2. Global Cyber Insurance Market By Organization Type, From 2020-2025 ( USD Billion )
  3. Global Large Enterprises Market By Region, From 2020-2025 ( USD Billion )
  4. Global Small & Medium Enterprises Market By Region, From 2020-2025 ( USD Billion )
  5. Global Cyber Insurance Market By Application, From 2020-2025 ( USD Billion )
  6. Global BFSI Market By Region, From 2020-2025 ( USD Billion )
  7. Global IT & Telecom Market By Region, From 2020-2025 ( USD Billion )
  8. Global Retail & E-commerce Market By Region, From 2020-2025 ( USD Billion )
  9. Global Healthcare Market By Region, From 2020-2025 ( USD Billion )
  10. Global Manufacturing Market By Region, From 2020-2025 ( USD Billion )
  11. Global Government & Public Sector Market By Region, From 2020-2025 ( USD Billion )

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