AUG 10, 2020: Cyber Insurance is a broad spectrum of tools available to organisations to enhance their cyber security and pliability. In the recent years, the lasting effects of cyber events have made organisations much aware of cyber risks with a dire need for security. Insurance solutions in the cyberspace are offered by insurers encompassing mitigation support at any odd event. Although, there has been tremendous awareness for cyber insurance, several markets are yet to achieve full potential due to prevalence of deployment challenges.
The difference in approach for small and large-medium organisations, as large organisations can rely on custom-made insurance solutions depending on the need while, small organisations can prefer for a range of insurance products. Apart, medium-sized organisations are somewhat hesitant with the coverage and services. As, digital transformation is a crucial component in affecting all elements in an organisation, the capability of an organisation to conduct awareness for cybersecurity risk management campaigns, not only by IT people but also remains with operational teams at large. Hence, an insurer can then observe IT security as an organisational matter or an individual entity within an organisation. With this as a practice, every insurer can have a general assessment of organisation and its capability to inhibit any damage incurred by the organizational workforce
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The cyber insurance market size is expected to widen in the forthcoming years attributing to rise in digitalization in business wherein potential challenges have grown for data security and reliability. Businesses are now keen on developing robust security infrastructure for security management. Rise in incidences of data theft, breach and cyberattacks are more likely to drive the need for cyber insurance in the forthcoming years. Companies under large bandwidth constantly face enormous data loss on an annual basis and hence to mitigate such incidences, internet insurance and data protection solutions is gaining a huge traction. Risk transfer is expected to emerge as a viable alternative to counter data theft incidences.
On contrary, low standardization, high pricing and fierce competition is more likely to limit the market growth in the forecast span. In addition growing size of data and development of complex network clusters with entry and exit points is more likely to create loopholes in the network system, thereby creating security challenges in the network system. However, digital awareness campaigns and growing initiative for robust security levels are expected to create novel opportunities for the market development.
By type of distribution channel, the market can be segmented as brokers, tied agents, direct and other channels. By size of business, the cyber insurance market can be segmented as small, medium and large. Small enterprises are likely to have a strong position attributing to adherence of data policies driven by need for data protection. Large enterprises are expected to have steady pace in the market attributing as the cyber insurance market is still in the nascent stages.
By end-use, the market can be segmented as professional services, government bodies, financial services, retail and wholesale, IT services, education and manufacturing. Insurance services are most widely used in the financial sector to safeguard data pertaining to stocks, equity and funds.
By region, the market can be segmented as North America, South America, Europe, Asia Pacific, Middle-East and Africa. North America is a growing market for cyber insurance attributing to increase in rate of data theft and growing incidences of network breakdown. Moreover, U.S. organizations are now emphasizing on redefining and rescaling internet properties. European countries are now adopting policies for data safety to ensure no data violation and breach. In addition, compliance and regulatory framework is trending in the IT sector.
Some of the key players mentioned in the cyber insurance market are AXA Group, American International Group Inc., The Travelers Companies Inc., and Beazley Insurance Co Inc.
Cyber Insurance Global Market Opportunities And Strategies To 2030 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global cyber insurance market.
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Where is the largest and fastest growing market for the cyber insurance market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global cyber insurance market report to 2030 report from the Business Research Company answers all these questions and many more.
The report covers the following chapters
•Executive Summary – The executive summary section of the report gives a brief overview and summary of the report
•Report Structure – This chapter gives the structure of the report and the information covered in the various sections.
•Introduction – The introduction section gives the segmentation of the cyber insurance market by type and by end-user covered in this report.
•Market Characteristics – This chapter of the report defines and explains the cyber insurance market. This chapter includes different products covered in the report and basic definitions.
•Supply Chain – This chapter of the report defines and explains the key players in the cyber insurance market supply chain.
•Customer Information – The customer information section covers recent customers’ trends/preferences in the global cyber insurance market.
•Trends And Strategies – This chapter describes the major trends shaping the global cyber insurance market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
•Global Cyber Insurance Market – Timeline – This section describes the evolution of the cyber insurance in four major timelines: Past (1990s-2014), Present (2014-2018), Near Future (2018-2022) and Future (2023-2030).
•Regulatory Landscape – This section provides the regulatory framework for the cyber insurance industry in the USA, Europe, China, Japan and other countries.
•Recent Cyber Attacks And Their Impacts – This section provides a description of five recent cyber-attacks and their impacts on the business operations.
•Technologies Aiding The Cyber Insurance Industry – This sections describes five technologies that help optimizing operations of cyber insurance providers.
•Global Market Size And Growth – This section contains the global historic (2014-2018) and forecast (2018-2022), 2025 and 2030 market values, and drivers and restraints that support and restrain the growth of the market in the historic and forecast periods.
•Regional Analysis – This section contains the historic (2014-2018) and forecast (2018-2022) market value, growth, and market share comparison by region.
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