The Research report sales, import, export and revenue figures are also developing in the forecast period to 2023. The key players and brands are making their moves by product launches, researches, their joint ventures, merges, and accusations and are getting successful results.
Cyber Security Insurance market report describes the development of the industry by overall Challenging & Sub sequential industry development, key companies, as well as type segment & market application and so on, and makes an authentic Forecast for the development industry prospects on the basis of analysis. finally, Cyber Security Insurance Market analyses opportunities for investment in the industry at the end of the report.
Cyber Security Insurance Market Report gives strategists, advertisers and senior administration with the basic data they have to evaluate the Global Cyber Security Insurance Market. Alongside deliberately breaking down the key small scale Market, the report likewise centres around industry-particular drivers, restrictions, openings and difficulties in the Cyber Security Insurance market. This examination report offers top to bottom investigation of the market measure (income), piece of the overall industry, real market portions, and diverse geographic locales, gauge for the following five years, key market players, and premium industry patterns. It likewise centres around the key drivers, restrictions, openings and difficulties.
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The cyber security insurance market is expected to reach USD 17.55 billion in 2023 from USD 4.52 billion in 2017, registering a CAGR of 25.4%, during the forecast period (2018 – 2023). The scope of the report is limited to the size of organization and its usage in various industry verticals. The regions considered in the scope of the report include – North America, Europe, Asia-Pacific, and Rest of the World.
Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.
Rise in Cyber Data Breaches
In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers†confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.
Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers. Union bank of India was hacked in 2017 and USD 171 million was debited without bankâ€s authorization. All these incidents have led companies to buy cyber security insurances.
Asia-Pacific to Project the Fastest Growth
Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come. Moreover, there is huge demand of this market from telecom service providers as well.
Key Developments in The Market
• March 2018 – XL Catlin and RedSeal announced a dynamic approach to cyber insurance, which uses an objective measurement of a networkâ€s resilience to help underwriters more thoroughly evaluate their clients†risks over time, helps clients continue to improve their cyber security and potentially improve their insurance terms
• December 2017 – American International Group, Inc. announced a new cyber benchmarking model that quantifies and scores client cyber risk. The AIG model evaluates a clientâ€s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices
Major Players – XL GROUP LTD, AMERICAN INTERNATIONAL GROUP, INC., ZURICH INSURANCE Co. LTD, AON PLC, ALLIANZ GLOBAL CORPORATE & SPECIALTY, MUNICH RE GROUP, AND LOCKTON COMPANIES, INC., amongst others.
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Cyber Security Insurance Market Forecast 2018-2023
The Cyber Security Insurance industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Cyber Security Insurance production, supply, sales and market status.
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