The global cyber insurance market size is expected to reach USD 19.2 billion by 2025, expanding at a CAGR of 25.6% over the forecast period, according to a new report by Grand View Research, Inc. Cyber insurance is anticipated to aid businesses in minimizing losses incurred due to potential threats of cybercrimes such as ransomware, malware, distributed denial-of-service attacks, or other threats, which can severely compromise a network. Cyber insurance covers the liability of a business for breach of data, comprising sensitive customer information such as credit card details, social security numbers, drivers' license numbers, account details, and health records.
Technological advancements have proliferated the use of Internet of Things (IoT), artificial intelligence (AI), robotics, and virtual reality (VR) and augmented reality (AR), thereby positively influencing the use of these technologies at workplaces and homes. However, these developments have created new threat vectors. The insurance industry enables an organization or consumers to minimize cyber risks associated with these emerging threats.
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Demand for cyber insurance primarily originated from IT, banking, media, and telecom firms, which are exposed to severe cyberattacks. These firms demand robust cybersecurity structure against malware attacks and loss of confidential information of clients. However, cyberattacks and threats are inevitable as hackers have developed sophisticated ways of targeting different businesses. The types of cyberattacks against businesses are continually evolving and cyber insurance acts as a convenient solution for organizations to receive compensation for financial losses incurred.
Growing awareness of cyberattacks has enabled organizations to understand, address, and diversify their risk strategies. Rising demand for cyber insurance protection coverage in areas beyond retail, healthcare, and financial institutions, such as professional services, is further driving the market. Cyber risk insurance is anticipated to be an alternative way to mitigate damage caused by breach of data. Insurers evaluate the strength of a company's cybersecurity stance before issuing any policy. However, if an organization has not invested in appropriate cybersecurity solutions, then it may not qualify for insurance.
Stringent legislation concerning cybersecurity in several states in the U.S. has led to greater penetration of cyber liability policies. The U.S. cyber insurance market has witnessed exponential growth in the recent past. Presence of key players in the country is further strengthening the domestic market.
Rapid industrialization in developing economies such as China, India, and other South Asian countries is anticipated to drive the Asia Pacific market. This regional market is expected to exhibit the highest CAGR over the forecast period. Rising number of small and medium businesses in the region is anticipated to create a substantial demand for cyber insurance businesses.
Further key findings from the report suggest:
• The global cyber insurance market was valued at USD 4.3 billion in 2018 and is expected to exhibit a CAGR of 25.6% from 2019 to 2025
• The large enterprise segment accounted for dominant share of over 85.0% in 2018. The SMB segment, on the other hand, is anticipated to register the highest CAGR of 15.3% over the forecast period
• The BFSI application segment accounted for a revenue share of over 24.0% in 2018. The healthcare segment is anticipated to expand at the fastest pace over the forecast period
• Key players operating in the market include AON Plc; American International Group, Inc.; Allianz Group; Berkshire Hathaway; and Lockton Companies, Inc.
• The North America market accounted for the largest revenue share of over 76.0% in 2018
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation and scope
1.2 Market definition
1.3 Information procurement
1.3.1 Purchased database
1.3.2 GVR's internal database
1.3.3 Secondary sources and third-party perspectives
1.3.4 Primary research
1.4 Information analysis
1.5 Market formulation and data visualization
1.6 Data validation and publishing
Chapter 2 Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3 Cyber Insurance Variables, Trends, and Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.2 Cyber Insurance - Penetration and growth prospect mapping
3.3 Cyber Insurance - Value chain analysis
3.4 Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing cyber threats
3.4.1.2 Offsetting the cyber risk
3.4.2 Market restraint analysis
3.4.2.1 Quantifying the risk
3.4.2.2 Negligence of the client
3.4.3. Industry Challenges
3.5 Industry Analysis - Porter's Five Forces Analysis
3.6 Cyber Insurance - Key Company Analysis, 2018
3.7 Cyber Insurance - PEST analysis
3.8 Major Deals and Strategic Alliances Analysis
Chapter 4 Cyber Insurance Market: Organization Estimates & Trend Analysis
4.1 Cyber insurance market: Organization movement analysis
4.1.1 SMB Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
4.1.2 Large Enterprise Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
...
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Technological advancements have proliferated the use of Internet of Things (IoT), artificial intelligence (AI), robotics, and virtual reality (VR) and augmented reality (AR), thereby positively influencing the use of these technologies at workplaces and homes. However, these developments have created new threat vectors. The insurance industry enables an organization or consumers to minimize cyber risks associated with these emerging threats.
Download a Free Sample Report @ https://www.radiantinsights.com/research/cyber-insurance-market/request-sample
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| Cyber Insurance Market |
Demand for cyber insurance primarily originated from IT, banking, media, and telecom firms, which are exposed to severe cyberattacks. These firms demand robust cybersecurity structure against malware attacks and loss of confidential information of clients. However, cyberattacks and threats are inevitable as hackers have developed sophisticated ways of targeting different businesses. The types of cyberattacks against businesses are continually evolving and cyber insurance acts as a convenient solution for organizations to receive compensation for financial losses incurred.
Growing awareness of cyberattacks has enabled organizations to understand, address, and diversify their risk strategies. Rising demand for cyber insurance protection coverage in areas beyond retail, healthcare, and financial institutions, such as professional services, is further driving the market. Cyber risk insurance is anticipated to be an alternative way to mitigate damage caused by breach of data. Insurers evaluate the strength of a company's cybersecurity stance before issuing any policy. However, if an organization has not invested in appropriate cybersecurity solutions, then it may not qualify for insurance.
Stringent legislation concerning cybersecurity in several states in the U.S. has led to greater penetration of cyber liability policies. The U.S. cyber insurance market has witnessed exponential growth in the recent past. Presence of key players in the country is further strengthening the domestic market.
Rapid industrialization in developing economies such as China, India, and other South Asian countries is anticipated to drive the Asia Pacific market. This regional market is expected to exhibit the highest CAGR over the forecast period. Rising number of small and medium businesses in the region is anticipated to create a substantial demand for cyber insurance businesses.
Further key findings from the report suggest:
• The global cyber insurance market was valued at USD 4.3 billion in 2018 and is expected to exhibit a CAGR of 25.6% from 2019 to 2025
• The large enterprise segment accounted for dominant share of over 85.0% in 2018. The SMB segment, on the other hand, is anticipated to register the highest CAGR of 15.3% over the forecast period
• The BFSI application segment accounted for a revenue share of over 24.0% in 2018. The healthcare segment is anticipated to expand at the fastest pace over the forecast period
• Key players operating in the market include AON Plc; American International Group, Inc.; Allianz Group; Berkshire Hathaway; and Lockton Companies, Inc.
• The North America market accounted for the largest revenue share of over 76.0% in 2018
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/cyber-insurance-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation and scope
1.2 Market definition
1.3 Information procurement
1.3.1 Purchased database
1.3.2 GVR's internal database
1.3.3 Secondary sources and third-party perspectives
1.3.4 Primary research
1.4 Information analysis
1.5 Market formulation and data visualization
1.6 Data validation and publishing
Chapter 2 Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3 Cyber Insurance Variables, Trends, and Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.2 Cyber Insurance - Penetration and growth prospect mapping
3.3 Cyber Insurance - Value chain analysis
3.4 Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing cyber threats
3.4.1.2 Offsetting the cyber risk
3.4.2 Market restraint analysis
3.4.2.1 Quantifying the risk
3.4.2.2 Negligence of the client
3.4.3. Industry Challenges
3.5 Industry Analysis - Porter's Five Forces Analysis
3.6 Cyber Insurance - Key Company Analysis, 2018
3.7 Cyber Insurance - PEST analysis
3.8 Major Deals and Strategic Alliances Analysis
Chapter 4 Cyber Insurance Market: Organization Estimates & Trend Analysis
4.1 Cyber insurance market: Organization movement analysis
4.1.1 SMB Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
4.1.2 Large Enterprise Market Estimates & Trend Analysis, 2015 - 2025 (USD Billion)
...
Read all Reports of this category @ https://www.radiantinsights.com/catalog/ict
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
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