The global cyber insurance market is expected to gain momentum owing to the significant importance that cyber risk has gained within the period of just a few years. Since technology has made its way into business as an important part of organizations that includes virtual reality, augmented reality, artificial intelligence, robotics, and also the internet of things (IoT). New levels of smart cities, e-monility, smart buildings, and automation are generated due to this. The insurance industry is also trying to catch-up with the cyber-risks and its rapid rise in todays fast developing generation.
There are different variations in the market for cyber insurance market on the basis of vertical and enterprise size. On the basis of vertical, the market is categorized into education, government, health care, utilities, e-commerce and retail, transportation, entertainment and media, IT and telecom, Banking Financial Services and Insurance (BFSI). The industries that rely on digital technologies like logistics, manufacturing and telecommunications or those that deal with a large volume of personal data like healthcare and retail are most likely to acquire cyber insurance in the years to come. With respect to enterprise size, the market can be classified into large enterprises and SMEs.
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The report presented here is a complete evaluation of the global cyber insurance market with large focus on market dynamics. It includes the market drivers, restraints, and trends and opportunities. It also offers geographical and other segmentation studies of the market.
In the recent past, there has been instances of computer breaches like Democratic National Committee and Twitter and this has also increased the requirement for insurance in resistance to cyber threats. There is also a surging interest in the energy and utilities financial organizations and transport sectors as well. The rising threats posed by interconnectivity is driving such interests, therefore contributing to the revenue generation of the cyber insurance market.
Cyber-attacks are on a constant rise and differ from one another depending on the sector. To site an example, the BFSI sector is being a focus of organized cyber-crimes while the retail sector is being targeted continuously. Technology has adapted the way banking is regulated that is, starting from cloud data storage to online servicing for customers. Ransomware attacks and distributed denial-of-service (DDoS) are used increasingly against businesses like healthcare and media and entertainment. On the other hand, the public and telecommunications sectors are liable to intelligent-focused cyber-attacks.
Most important factors fuelling the global cyber insurance market are globalization of cybercrime, rise in interconnectivity, and surge in commercialization as they themselves are responsible for cyber incident occurrence. Owing to the cyber risk awareness and cyber-related losses among the top executives, the global cyber insurance market is likely to gain traction. However, the complex and constantly changing nature of cyber risks may act as a hindrance to the overall market growth. Nevertheless, the implementation of legislation that supports data security both in developed as well as emerging nations is susceptible to propel the cyber insurance market globally in the years to come.
The global cyber insurance market may be classified into the regions of Middle East and Africa, Asia Pacific, Europe, South America, and North America. Among these, the North American region is projected to comprise a major share of the market owing to the rise in enterprise number and strict legislations related to cyber security and data protection in various states in the U.S. This has further led to a high level of penetration of cyber insurance policies. Apart from North America, the market for cyber insurance in Europe is also expected to grow strongly.
The global cyber insurance market includes top players such as Berkshire Hathaway, American International Group, Lloyds, Inc., Allianz Global Corporate & Specialty, and Zurich Insurance Co. Ltd.