Cyber Insurance Market

Cyber Insurance Market - An Overview

The global cyber insurance market is expected to witness strong growth during the forecast period between 2021 and 2031.

Cyber insurance helps in protecting businesses against the potential threat of any type of cyber attack. Some of these attacks include malware, ransomware, and phishing attacks.

Cyber insurance is developed to cover the expenditure incurred with cyber breaches, which happens after an organization has suffered a cyber attack.

Leading cyber insurance firms offer personalized products and services to help organizations, across various end-use industries, take protection against specific cyber risks.

Cyber Insurance Market - Trends and Opportunities

Rising cases of unauthorized accessing of critical business data such as financial records, intellectual properties is the key growth driver for the global cyber insurance market.

Cyber incidents and losses have increased significantly in the last few years owing to the rapid industrialization of businesses. This has led to an increase in demand for cyber insurance and fueled the growth in the global cyber insurance market.

In addition to this, rising awareness about business interruption cyber risks and an increasing number of compulsory legislations for data cyber security in various end-use industries such as healthcare and banking are also expected to fuel the growth in the global cyber insurance market, in the coming years.

A rise in cyber attacks could also lead to an adoption of cyber liability insurance products, among various organizations, which is anticipated to provide profitable growth opportunities for the overall cyber insurance market, in the years ahead.

The banking, financial service and insurance sector is expected to make the largest contribution to the overall cyber insurance market in the coming years due to an expected rise in data breaches in payment cards and bank accounts across various organizations.

Cyber Insurance Market - Competitive Landscape

The global cyber insurance market comprises very few players, all of whom could engage in different growth strategies, in a bid to remain competitive in the overall cyber insurance market.

The smaller players in the cyber insurance market will seek investments from governments and private investors which could help them in their long-term growth.

R&D undertakings could be a key growth strategy for the cyber insurance market players, in the coming years.

Some of the leading players in the cyber insurance market include Aon PLC, Lockton Companies Inc., American International Group Inc., and Zurich Insurance Co. Ltd.

Cyber Insurance Market - Regional Assessment

The global cyber insurance market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.

North America has emerged as the dominant region in the global cyber insurance market in the last few years and is expected to remain the leader in the overall market, in the upcoming years.

Factors such as the rising incidence of malware attacks in countries such as the U.S and Canada has led to an increase in awareness about the importance of cyber insurance. This has been the key growth driver for the cyber insurance market, in North America.

The integration of emerging technologies such as Internet of Things into cyber insurance processes could help yield improved results and help in the growth of the overall cyber insurance market, in future.

Other regions such as Europe and Asia Pacific may witness strong growth in the cyber insurance market, in the years ahead.

Government support in countries such as U.K and India could be key to the development of the cyber insurance market, in both the regions.

Middle East and Africa and Latin America are expected to witness moderate growth in the cyber insurance market, owing to a lack of presence of well-established players in both the regions.