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New Study Reports “Cyber Security Insurances Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2026″.
The interconnections of networks, connecting users across the world has risen a lot of cybersecurity issues in the past few years. Cyber security insurance involves the protection of IT systems and data from cyber threats such as espionage, vandalism, sabotage, and computer-assisted frauds. It protects the data and integrity of the computing assets, connecting an organization’s network or an individual’s privacy. Hence, cyber security insurance helps mitigate the cost of security breaches such as ransomware, extortion demands, data destruction, online fraud, and identity theft.
The cyber security insurance market is young and therefore it is difficult to accurately define it. Insurance policies for the individual focus on protecting against the financial burden of the myriad attacks that are lurking on the internet. As cybersecurity threats are increasing, the cyber security insurance market is developing and growing. Like other forms of insurance, the policy costs for cyber security insurance varies depending on the coverage the user desires. Unfortunately, for a couple of years, the data breaches and other cyber crimes have forced the cybersecurity market to provide insurances to accurately model and forecast the angle of online risks.
The global cyber security insurance market report analyses the rising need for the cyber security insurance policies which will provide benefits of good security and internalize the cost of poor security. The report also points towards the benefits provided by the insurance policies like restoring personal identities of the affected customers, recovering compromised data, notifying customers about a data breach and repairing damaged computer systems. The key players of the cyber security insurance market are also focusing on the cost of the insurance policies which is a main concern for the users.
Important Key Players Analysis: XL Group Ltd., American International Group Inc., Zurich Insurance Co. Ltd, AON PLC, Allianz Global Corporate & Specialty, Munich Re Group, Chubb, HSB, BCS financial corporation, Marsh & McLennan Companies, Inc., Markel Corp, Traveler’s group, Hiscox, Beazely Insurance group and more.
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The global market for cyber security insurance based on the service type is categorized into forefront portfolio, risk management, integrity, third party liability, and such others. And on the basis of industry Vertica, the insurance market can be divided into telecom and IT, banking and financial services, education, healthcare, government, travel and hospitality, and others. All these sectors are vulnerable to the threats of cyber crimes and frauds and require good quality of cybersecurity systems which are covered by proper insurance policies. The cyber security insurance is a new and emerging process in providing sustainable cybersecurity protection and improves the stakeholder’s confidence in the information security arrangements.
Regions like Europe, Asia Pacific, North America, Africa, Latin America, and the Middle East are the growing hubs for the cyber security insurance market. The Asia-Pacific region is facing a lot of cyber challenges such as low cybersecurity investments, long dwelling times, complex geopolitical tensions, exposed critical infrastructure and the shortage of cybersecurity talent in the region. Whereas, most states also require companies to notify customers of a data breach involving personally identifiable information that can be very expensive. Cyber security insurance companies are also focusing on covering the business liability for a data breach involving sensitive customer information, such as credit card numbers, account numbers, health records, driver’s license numbers, and social security numbers.
Cyber Security Insurances Manufacturers
Cyber Security Insurances Distributors/Traders/Wholesalers
Cyber Security Insurances Subcomponent Manufacturers
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Cybersecurity has become the new frontier in the marine and offshore safety sectors. ABS will be collaborating with Atos, a global leader in digital transformation to provide cybersecurity for ship information technology and operational technology. In another report, former Optus Business Managing Director John Paitaridis will is heading up Australia’s latest cybersecurity consulting supergroup, CyberCX.