Global Cyber Security Insurance market was valued at US$ 8.9 Bn. in 2020 and expected to grow at a CAGR of 20.2% during the forecast period (2021-2027). Thanks to the growing trend of solution segment use has boosted demand for Global Cyber Security Insurance Market.
Cyber Security Insurance Market Overview:
The Global Cyber Security Insurance Market The definition of insurance is the protection of individuals and businesses against financial losses. Cyber insurance protects businesses and individuals from data breaches and cyber terror attacks involving financial information, social security numbers, and health records, among other things. The importance of cyber insurance is that it gives notification in the case of a data breach, assists in information monitoring, and compensates for legal charges and expenditures involved in data recovery. The market is growing as a result of rising digitalization and electronic data storage. As a result, throughout the projected period, the worldwide cyber security insurance market is expected to reach US$ 32.26 billion.
Historical Forecast Period:
Maximize Market Research report presents the analysis of each segment from 2021 to 2027 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2020to 2027.
Cyber Security Insurance Market Overview and Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the Cyber Security Insurance Market segments which include products, applications, and competitor analysis.
The primary drivers driving the global market's growth are increasing digitization and greater use of internet-connected gadgets. By 2022, more than 29 billion gadgets are estimated to be connected to the internet. More employees working in remote places with unsecured networks, weak passwords, and use of personnel devices, among other things, are more vulnerable to threats and vulnerabilities as a result of the current global pandemic. This could drive up demand for cyber security insurance.
The rise of the banking, financial, and insurance sectors, as well as small and medium-sized businesses and increased knowledge of the benefits of cyber insurance, are all factors contributing to the market's expansion.
Recent developments such as the merger of "Generali with Accenture and Vodafone business" to create cyber security insurance services for SMEs, the US$ 1.35 billion funding of "At-Bay," an Israeli-founded insurtech firm, predictive analytics algorithms developed by "Cyberwrite," and state-of-the-art household cyber protection and prevention technology developed by "Surance.io," are expected to boost the cyber security insurance market during the forecast period.
The rising weight of regulation, the lack of education among employees about digital risks, restricted coverage, limited choice, and the fact that it cannot replace the requirement for data protection are some of the reasons impacting the growth of the cyber insurance market.
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Segmentation:
The market for Cyber Security Insurance is divided into two segments: solution and service. In 2020, the solution sector will hold a 62 percent share of the global market. The growth of the solution segment is influenced by the increasing number of corporate organisations, the installation of cyber security software, and the requirement for a security operation centre. Broad coverage, access to experts, patch management, endpoint security response, vulnerability monitoring, and alert system, on-site data storage and backup, and two-factor authentication are all included in the solution segment. The solution segment is increasing positively in the market as a result of these aspects.
The Cyber Security Insurance industry is divided into two categories: major businesses and small businesses. In 2020, the large organisation category will lead the global market, with a market value of US$ 4.3 billion. Large enterprises are investing more in cyber insurance to protect themselves against data breaches, the danger of losing customers' trust, to preserve sensitive information, and to cover the expense of a security breach, among other things.
The cyber security insurance industry is divided into two categories: first-party and third-party coverage. The market is dominated by first-party coverage, which held a 50% share in 2020. Because it covers the costs incurred as a result of system or network breaches, as well as data theft. Cyber extortion payments, alerting concerned customers, crisis management, and fraud monitoring services are all covered in this segment. These are the characteristics that are propelling the first-party coverage segment of the market forward. Only legal defence costs, court judgments to pay after a data breach, and other court charges are included under the third-party sector. As a result of these reasons, the market's growth of the third-party segment is declining.
Key Players:
• TCS Limited
• Guy Carpenter and Company LLC
• At-Bay Inc
• Lloyds Bank PLC
• AXA SA
• Cisco Systems Inc
• Chubb Limited
• Apple Inc
• American International Group Inc
• Zurich Insurance Group
• Beazley Group PLC
• Lockton Companies
• AON Plc
• BitSight
• UpGuard
• Cylance
Regional Analysis:
Regional analysis is another highly comprehensive part of the research and analysis study of the Cyber Security Insurance Market presented in the MMR report. Local development plans are often affected by the performance of Cyber Security Insurance market. Our report briefly explains all the factors, market size, growth rate, import and export in regions covering North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This research has provided market trends, key opportunities, factors affecting of particular regions, to examine the global and domestic Cyber Security Insurance market and these findings have been strategically presented in the report.
Competition Landscape:
Most of the key players present in the Cyber Security Insurance Market are focusing on mergers and acquisitions to expand their geographic presence and gain a competitive edge. Meanwhile, some of the other players are updating their existing product portfolios and adding innovative screens to keep up with the high consumer demand and generate more sales.
Key questions answered in Cyber Security Insurance Market report
- What was the market size of Cyber Security Insurance Market in 2020 and forecast up to 2027?
- Which is the largest regional Cyber Security Insurance Market?
- What are the major trends followed in Cyber Security Insurance Market across different regions?
- Who is the key Cyber Security Insurance Market companies leading the market?
- What are the key strategies adopted by the leading Cyber Security Insurance Market companies in market?
- Unique data points of this report
- Statistics on Cyber Security Insurance Market penetration and spending worldwide
- Recent trends across different regions in terms of adoption of Cyber Security Insurance Market for various end-use.
- Notable developments going on in Cyber Security Insurance Market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2020 (actual) and 2027 (forecast)
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