Published : 24 May, 2018
Cyber Insurance is also called as cyber liability insurance coverage (CLIC) or cyber risk insurance which reduces organizational risk by offsetting costs involved with recovery a cyber-related security breach. It generally covers an organization for a data breach involving consumer information, such as driver license number, bank account number, social security number, credit/debit card number and health records.
According to newly released report from Australian Government in 2017, the number of data breach cases are on the rise. This has triggered demand for Cyber Insurance in Large and Mid-Level institutions. This has affected various e-commerce companies especially considering the huge database of end users.
The Global Cyber Insurance Market is expected to reach USD XX Billion by 2022 from USD XX Billion in 2016, at a CAGR of XX% from 2016 to 2022. The factors majorly driving Cyber insurance market are Growing number of cyberattacks and Cyber Threat awareness and Mandatory Legislation Regarding Cyber Security.
The market is analyzed across four geographical regions, namely, North America (U.S., Canada and Mexico), Europe (UK, Germany, France and rest of Europe), Asia-Pacific (China, Japan, Australia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa). North America holds the highest market about XX% of total market share. As there are mandatory legislation regarding cyber security in several U.S. states that has led to higher penetration of cyber liability insurance policies. Whereas Asia-Pacific is the fastest growing region with the CAGR of XX%.
The Cyber Insurance market is segmented on the basis of company size, coverage types, vertical industry and region. There are two types of size that we considered on the basis of annual income, Small-Medium Scale Enterprise (2.5 Million- 1 Billion) and Larges Scale Enterprises (above 1 Billion). Large scale enterprises holds the largest market share because enterprise risk transfer is more as compared to small-medium enterprises. Large scale enterprises holds about XX% of the market. Different industry verticals covered in this report include healthcare, retail, financial services, information technology & services, and others (utilities, energy, education, government, manufacturing, construction, and transportation). Financial institute hold the largest share of about XX% of market, because it includes banking and investment companies who has high risk of cyber-attacks. On the other hand Healthcare sector is fastest growing with the CAGR of XX%.
There are various regulatory bodies actively looking after company rules & regulations for addressing cyber security and cyber insurance policies. The Australian Securities and Investment Commission, Cyber Insurance Forum (Australia), National Association of Insurance Commission (U.S. – Cyber Security), Cyber Security Regulations and Incentives Review (U.K.) are some of the biggest influencing regulatory bodies at global and at regional level.
For More Details :- https://genesismarketinsights.com/viewreport/71/31/Cyber-Insurance-Market
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