The "Cyber Insurance Market by Component (Solutions (Analytics & Cybersecurity) and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Organization Size, End User (Technology & Insurance), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cyber insurance market size in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period.
The market study covers the cyber insurance market size across different segments. It aims at estimating the market size and the growth potential across different segments, including application, service model, security type, organization size, vertical, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
The major factors driving the market include the increasing number of security breaches and cyberattacks resulting in huge financial losses and stringent government regulations towards the adoption of cyber insurance policies.
By insurance coverage, the cyber liability segment expected to hold a larger market size in 2025
Cyber risk insurance or cyber liability insurance coverage helps an organization cover the cost to recover from a data breach, virus, or other cyber-attacks. Cyber liability insurance covers expenses related to first parties and also third-party claims. The cyber insurance policy covers some reimbursable expenses such as investigation, business losses, lawsuits and extortion, and privacy and notification.
The growing sophistication of cyber-attacks and stringent regulatory mandates persuade enterprises to proactively adopt cyber insurance solutions. Cyber liability coverage policies can assist insurers to offer first party and third part cyber coverage to prevent the post effects of a security breach that could result in critical business losses.
Key vendors offering various types of cyber insurance solutions include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others
APAC to register the highest growth rate during the forecast period
Asia Pacific (APAC) comprises of emerging economies, such as Australia and New Zealand, China, Singapore, and Japan, with developed security infrastructure. Machine Learning (ML), Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region. APAC is home to large number of established Small and Medium-sized Enterprises (SMEs), which are growing at a laudable pace to cater to their large customer base.
SMEs are rapidly adopting cyber insurance solutions to manage their enterprise data. Despite the growing importance of SMEs in this region, they are most affected mostly by cyber and malware attacks owing to budgetary constraints and resource shortages.
Introduction to COVID-19
COVID-19 Health Assessment
COVID-19 Economic Assessment
COVID-19 Economic Impact - Scenario Assessment
Surge in Mandatory Cybersecurity Regulations and Legislations to Boost Demand for Insurance Protection
High Rate of Recovery of Financial Losses to Promote Growth of Market
Increase in the Frequency and Sophistication of Cyber Threats
Lack of Awareness Related to Cyber Insurance and Reluctance in Choosing Cyber Insurance Over Cybersecurity Solutions
Soaring Cyber Insurance Costs
Exclusion of Cyber Insurance Cover from Property and Casualty (P&C) Insurance
Adoption of Artificial Intelligence and Blockchain Technology for Risk Analytics
Cyber Insurers Grapple to Gain Traction Despite Soaring Cybersecurity Risks
Data Privacy Concerns
Lack of Understanding, Technical Knowledge, and Absence of Historical Cyber Data for Effective Underwriting
COVID-19-Driven Market Dynamics
Drivers and Opportunities
Restraints and Challenges
Cumulative Growth Analysis
Value Chain Analysis
Average Selling Price Trend
Artificial Intelligence and Machine Learning
Big Data Analytics
Internet of Things Security
Cybersecurity Regulatory Implications
General Data Protection Regulation
Payment Card Industry-Data Security Standard
Health Insurance Portability and Accountability Act
Federal Information Security Management Act
International Organization for Standardization 27001
European Financial Service Provider Leveraged Bitsight for Security Performance Management
Country Mutual Insurance Company Leveraged Cyberark's Privileged Security Access Platform
A Global 500 Insurance Company Chose Prevalent's Third-Party Risk Management Solution
Aon Secured Financial Institution's Funds and Data from Third-Party Cyber Risks
Chubb's Cyber Insurance Cover Assisted a Small and Medium-Sized Enterprise in Recovering Their Financial Losses
Arthur J. Gallagher
Cronus Cyber Technologies
Cyber Indemnity Solutions
Cyence (Acquired by Guidewire Software)
Insurance Providers Profiles
Liberty Mutual Holding
Lloyd's of London
For more information about this report visit https://www.researchandmarkets.com/r/3s8hdd
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005321/en/
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