Rising number of cyberattacks, growing digitalization, increasing legislations with respect to cyber security and growing acceptance of cyber insurance policies as a risk reduction strategy are the key factors driving the cyber insurance industry. Technological advancements have escalated the use of artificial intelligence (AI), robotics, virtual reality (VR) and augmented reality (AR) thereby positively influencing the use of these technologies at home and workplaces. The insurance industry allows consumers and organization to minimize cyber risks associated with these emerging threats.
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CYBER INSURANCE MARKET DYNAMICS
Surge in mandatory cybersecurity regulations and legislations regarding cybersecurity is boosting the demand for insurance protection and therefore there is a significant rise in the cyber insurance market. Cyber insurance solutions allow organizations to ensure continuity along with maintaining their security postures from the threat of cyberattacks. The high cost of cyber insurance is one of the major factors which is hindering the growth of the market. Insurance companies have to pay out expensive claims because of the ransomware attacks in the past few years.
COVID 19 IMPACT ON CYBER INSURANCE MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. China who plays a major role in the world’s supply chain was severely affected. There were disruptions to the availability of goods supplied from China. Supply of both finished and unfinished goods reduced. Day by day as the situation worsened, quarantines, social distance practices were imposed and nations have begun instituting lockdowns. Following this, the supply chains experienced demand shocks. The shutdown of economic activities affected all the sectors.
CYBER INSURANCE MARKET SEGMENTAL OVERVIEW
The report analyses the cyber insurance market based on policy, service, product type, end user and geography.
CYBER INSURANCE MARKET BY TYPE
By policy, the global cyber insurance market is segmented into data breach, identity theft, malware attack, phishing, email spoofing. Data breach policy showed the highest growth in the past few years and accounted for the largest market size in the cyber insurance market. Sensitive data of organizations and customers is generally stored on local machines, enterprise databases and cloud servers which sometimes are susceptible to data breaches. In year 2019 more than 3800 data breach cases were reported which exposed around 4.1 billion digital records across the globe.
OPTICAL SORTER BY SERVICE
By service, the global cyber insurance market is segmented into insurance, claims and risk consulting. Insurance category accounted for the largest share in the cyber insurance market on the basis of service. On the account of the increasing cyberattacks such as data breaches, malware attacks, phishing, ransomware, email spoofing such cyberattacks are the reason of financial loss and the damage to brand identity. Therefore, the demand for the insurance services is on the rise.
CYBER INSURANCE MARKET BY PRODUCT TYPE
The global cyber insurance market by product type is classified into standalone and integrated. Digital-first insurance providers have reduced distribution costs thereby allowing faster adoption of cyber insurance solutions among these organizations.
CYBER INSURANCE MARKET BY END USER
The global cyber insurance market by end user is classified into BFSI, IT & telecom, healthcare, government, retail and e-commerce and manufacturing. BFSI is the largest end user category in the industry. Banks are shifting their data on the cloud on basis of its benefits which in turn is resulting in more chances of cyberattacks.
CYBER INSURANCE MARKET BY GEOGRAPHY
Geographically, the cyber insurance market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. Asia pacific is expected to the growing region in the forecast period. North America holds the largest share in the market. Several developing economies in the region including India and china are facing cybersecurity challenges such as cyberattacks on blockchain system and cloud security vulnerabilities. Owing to this governments are taking strategic measures such as implementation of various policies to enhance cybersecurity.
CYBER INSURANCE MARKET KEY PLAYERS
Some of the major players operating in this market include SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US).
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