Cyber Insurance Market Worth to Outgrow by USD 33218.8 MN By 2027
Posted On October 14, 2021
According to the research report by Value Market Research, the Global Cyber Insurance Market is likely to grow to USD 33218.8 MN by 2027 with a CAGR of 25% during the year 2021-2027. The rising number of cyber-attacks around the world is a major factor influencing the cyber insurance market. Furthermore, rising awareness of business interruption (B.I.) cyber hazards, combined with an increase in the use of extremely vulnerable IoT devices, is expected to drive the market expansion. In the projection period, the increase in the number of mandatory regulations for data cybersecurity by the government across various end-users, such as banking, I.T., healthcare, is expected to boost the cyber insurance demand. In addition, the market is harmed by a lack of information about cyber insurance and a reluctance to purchase cyber insurance. The use of artificial intelligence and blockchain technology for risk analytics, along with the exclusion of cyber insurance from property and casualty (P&C) insurance, are projected to open up new market opportunities for market players.
Cyber insurance is a type of insurance meant to protect organisations from the potentially catastrophic impacts of cybercrime such as malware, ransomware, distributed denial-of-service (DDoS) attacks,and other techniques of compromising a network and sensitive data. Cyber insurance covers the company's liabilities in the event of a data breach involving sensitive client data, including social security number , credit card number, account numbers, driver's licence numbers, and health records.
"Global Cyber Insurance Market Report By Organization Size (Large Enterprises, SMEs), By End User (Banking, Financial Services, And Insurance (BFSI), IT & Telecom, Healthcare, Government, Retail And E-Commerce, Manufacturing) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" is an elaborate report providing market data on the basis of segments and geography.
On the basis of organization size the market is segmented into Large Enterprises, SMEs. By end user the cyber insurance market is categorised as Banking, Financial Services, and Insurance (BFSI), IT & Telecom, Healthcare, Government, Retail and E-Commerce, Manufacturing .By geography the report is bifurcated into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Cyber Insurance is the dominating region. The data tables in this section depict the market estimate by market segment.
The Report Segments Global Cyber Insurance Market -
By Organization Size
By End User
- Banking, Financial Services, and Insurance (BFSI)
- IT & Telecom
- Retail and E-Commerce
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
American International Group, Inc., Aon plc, Allianz, American International Group, Inc, Berkshire Hathway Inc., AXA, Lloyd’s of London Ltd., Munich Re, The Chubb Corporation, Lockton Companies, Inc., and Zurich.
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