- 12 March 2019 23:20
Increasing Number of Cybercrime Across Various Countries is a Major Factor Expected to Drive Growth of the Global Cyber Insurance Market
Cyber insurance policy is a cyber-risk insurance or cyber liability insurance coverage to protect businesses and individual users from Internet-based risks, such as viruses, hackers, etc., that can affect computer systems. These policies offered by various companies for businesses provide and cover liability and property losses that may result when an organization engage in electronic or Internet-based activities such as performing a transaction online, collection data within its internal electronic network, etc. Cyber insurance is usually preferred to protect against data breaches by providing compensation claims such as network security protections, loss of data, stealing of intellectual property, and privacy loss.
Increasing opportunity for brokers towards innovating cyber insurance products/services to manage risks amount, and insurance cost-related for data thefts, criminological investigations, and business interruption and reputation, etc. Aforementioned are major factors expected to drive growth of the global Cyber Insurance Market.
Moreover, cyber insurance policy covers expenses of first parties as well as claims by third parties, some common recompense expenses are investigation, business losses, economic losses by network downtime, data loss recovery, involvement of costs to manage a crisis, privacy, lawsuits and extortion is another factor expected to drive growth of the global cyber insurance market.
The Cyber Insurance Market is segmented on the Basis of industry vertical and regions. On the basis of industry vertical, the global market is segmented into Healthcare, Retail, Financial Services (BFSI), Information Technology and Services, and Others (Utilities, Energy, Manufacturing, Construction, and Transportation). The Healthcare segment accounts for highest revenue share and is expected to witness significant growth during the forecast period.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in Asia Pacific accounts for highest share in terms of revenue in the global market. The Asia Pacific market is expected to witness highest growth in terms of revenue over the forecast period.
Key players in the global market include American International Group, Inc., The Chubb Corporation, Zurich Insurance Co. Ltd, XL Group Ltd, Berkshire Hathaway, Allianz Global Corporate & Specialty SE, Munich Re Group, Lloyd’s, Lockton Companies, Inc., AON PLC, BitSight Technologies, Security Scorecard