2018 Cyber Insurance: Global Market Report (2013-2023) Analysis & Forecasts - Growing Demand in Europe and Asia-Pacific
DUBLIN, March 7, 2018 /PRNewswire/ --
The "Cyber Insurance Market by Enterprise Size (Large Enterprise, Small and Medium Enterprise), by Service, by Industry Vertical, by Geography - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.
Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.
The cyber insurance market is categorized on the basis of enterprise size, service, and industry. Large enterprises led the cyber insurance market in terms of size, due to their high purchasing power and the availability of sufficient funds for risk insurance. Since the premiums for cyber insurance are very high, SMEs refrain to buy expensive covers because of their limited budget constrains over cyber risk management.
Among all the industries, banking financial services and insurance (BFSI) had been the largest consumer for cyber insurance market as these companies are more prone to cyber-attacks. The BFSI industry contributed more than 35% of the global market share in 2016. The market will be witnessing the fastest growth in retail and manufacturing industries, during the forecast period, due to numerous cyber challenges and risks present in the industry, such as digital supply chain management and online operations.
Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups in order to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to an increase in the awareness of and interest in cyber insurance, thereby escalating the growth of cyber insurance market, globally.
The increasing interconnectivity, commercialization, and globalization of cybercrime are driving greater frequency and severity of cyber incidents, including past data breach incidents. This has directly impacted the growth of the cyber insurance market positively. From individual companies to government organizations, an attack by hacker can inflict huge financial loss, corporate embarrassment, and business continuity failure. High profile computer breaches in recent past, such as hack of Democratic National Committee and Twitter, are reinforcing the need for protection and insurance against cyber threats. This had led to increase in the demand for cyber liabilities and sophisticated policy cover by business leaders, to protect the enterprise data from cyber-attacks and cyber criminals.
Geographically, Americas has been the largest cyber insurance market, accounting for more than 90% of global revenue in 2016. Whereas, the sales are expected to witness the fastest growth in the rest of the world (RoW) market, during the forecast period. The market growth in RoW will be led by factors such as surge in digitization within the industry, leading to more generation of data and exposure cyber risk, availability of new industry specific insurance packages, and growth in investment in risk premium solutions to deal with budget constraints.
The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.
Competitors in the cyber insurance market are investing in new product launches to cater to the larger market and expand their offerings globally. For instance, XL Catlin, part of XL Group, in July 2017, announced the launch of its cyber and data protection insurance policy in Asia-Pacific. The new policy designed by the company aims to protect businesses from the threats they face from a malicious network and breach of data.
Market Dynamics
Trends
- Increase in denial of service attacks
- Malicious code threatens enterprise security
Drivers
- Supply chain cyber risk
- Increasing criminalization of the internet
- Mandatory legislation regarding cyber security
- Recent implications of WannaCry cyber attack
- Impact analysis of drivers on market forecast
Restraints
- Lack of education in terms of business understanding
- Continuous evolution of technology
- Impact analysis of restraints on market forecast
Opportunities
- Good deals for SMEs
- Growing demand in Europe and Asia-Pacific
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
Chapter 5. Market Size and Forecast by Enterprise Size
Chapter 6. Market Size and Forecast by Service
Chapter 7. Market Size and Forecast by Industry
Chapter 8. Market Size and Forecast by Geography
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
- Allianz Global Corporate & Specialty SE
- American International Group, Inc.
- Aon Plc
- Berkshire Hathaway Inc.
- Chubb Limited
- Lloyd's
- Lockton Companies Inc.
- Munich Re Group
- XL Group Ltd
- Zurich Insurance Group AG
For more information about this report visit https://www.researchandmarkets.com/research/89jjqb/2018_cyber?w=5
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SOURCE Research and Markets
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