NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Global Cyber insurance market revenue is expected to reach $70,671.9 million by 2030, at a robust 26.3% CAGR between 2020 and 2030, according to P&S Intelligence. Though insurance can never stop the cybercrime from happening, it can protect the victims from the financial losses due to malware, ransomware, and distributed denial of service (DDoS) attacks. It is not just individual users and companies that have woken up to the issue of cybercrime, but also governments, which are now implementing strict laws mandating people to have a robust cyber insurance and cybersecurity plan in place.
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Since most cyberattacks are carried out for money, banking, financial services, and insurance (BFSI) companies are the most-significant end users of cyber insurance. With time, much of customers' financial data has gone digital, which has made it easier for miscreants to steal it. For instance, the Cosmos Co-operative Bank Ltd. of India lost $133.5 million (INR 94 crore) in a malware attack in August 2018. For almost similar reasons, the healthcare sector will experience the highest CAGR in the industry during the forecast period.
Browse report with COVID-19 impact analysis on 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 @ https://www.psmarketresearch.com/market-analysis/cyber-insurance-market
Digital versions of patients' medical information (electronic health records) and several medical devices that are connected to the hospitals' internet mainframe are vulnerable to attacks. EHRs most often contain patients' billing and insurance information, which is one of the first things cyber attackers look for while carrying out a crime. Moreover, if criminals get into the main IT infrastructure of a medical facility, its entire operation could be disrupted, which could lead to mass deaths.
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Presently, North America is the largest cyber insurance market, due to the presence of several established service providers in the continent, such as Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated. Moreover, the federal government has stringent policies regarding cyber insurance, which impels users to go for it. During the forecast period, Asia-Pacific (APAC) is predicted to witness the fastest growth in the market, as with swift digital transformation, the incidence of cyberattacks is increasing in China and India.
Hence, with more incidents of cyberattacks being recorded each year, leading to financial losses of billions of dollars, subscriptions of cyber insurance are expected to keep rising.
Cyber insurance market report segmentation
Segmentation by Policy
- Data Breach
- Identity Theft
- Malware Attack
- Email Spoofing
Segmentation by Product Type
Segmentation by Service
- Risk Consulting
Segmentation by Enterprise
- Large Enterprises
- Small- and Medium-Sized Enterprises (SMEs)
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SOURCE P&S Intelligence