NEW YORK, Nov. 4, 2020 /PRNewswire/ —
Cyber Insurance Market Research Report: By Policy (Data Breach, Identity Theft, Malware Attack, Phishing, Email Spoofing), Product Type (Standalone, Integrated), Service (Insurance, Claims, Risk Consulting), Enterprise (Large Enterprises, SME), End User (BFSI, IT & Telecom, Healthcare, Government, Retail and E-Commerce, Manufacturing) – Global Competition Analysis and Revenue Forecast to 2030
Read the full report: https://www.reportlinker.com/p05982450/?utm_source=PRN
Owing to technological advancements, the world today is living in a digital era and the adoption of cloud solutions has increased significantly. While digitalization has numerous benefits, it has also resulted in the rise in number of cyber-attacks across the globe. Hackers are increasingly breaching personal data of people, including credit card numbers, social security number, email addresses, and passwords. Attributed to this, the need for cyber insurance has been growing substantially as well.
During January 2019–April 2020, approximately 8 billion records, including phone numbers, credit card numbers, and home addresses, have been exposed in data breaches. It is because of such factors that the global cyber insurance market is expected to reach a value of $70,671.9 million by 2030, from $5,573.2 million in 2019. The market is further predicted to register a 26.3% CAGR during the forecast period (2020–2030).
Among the various cyber insurance policies, the adoption of data breach policy was the highest in 2019. As enterprises are becoming highly reliant on digital data, cloud computing, and workforce mobility, the number of data breaches have increased substantially in recent years. Sensitive data of organizations and customers is typically stored in enterprise databases, cloud servers, and local machines, which are prone to data breaches. It is because of this that the demand for data breach policy has been increasing among companies, further driving the growth of the market.
Among the different types of enterprise, SMEs are making considerable use of cyber insurance. Such companies lack the needed security infrastructure and hence, are more susceptible to cyber security threats. Authorizing cyber insurance for SMEs was hard in the past, since these organizations lacked affordability and accessibility. However, now digital-first insurance providers have significantly decreased distribution costs. This has now enabled a large number of SMEs to opt for cyber insurance solutions. Other than this, large enterprises have been making adopting cyber insurance solutions since the very start.
Cyber insurance is being adopted by a number of these days, however, its largest demand in 219 was created by the BFSI industry, which is further expected to create the largest demand in the coming years as well. BFSI have been focusing intently on technological transformations for meeting the evolving needs of their customers. A lot of data has now been shifted on cloud, owing to its advantages. However, it has also raised concerns regarding data breaches in the industry, owing to which, they are widely adopting cyber insurance.
North America has emerged as a major cyber insurance market in recent years due to the presence of major services providers, including Lockton Incorporated, Chubb Group Holdings Inc., and American International Group Inc. Apart from this, the demand for cyber insurance is also expected to increase considerably in Asia-Pacific in the coming years, owing to the rising cyber security challenges, including cyber-attacks on blockchain systems and cloud security vulnerabilities.
In conclusion, rapid digitalization and surging number of data breaches are driving the growth of the market.
Read the full report: https://www.reportlinker.com/p05982450/?utm_source=PRN
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