Dublin, March 28, 2023 (GLOBE NEWSWIRE) -- The "Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global cyber insurance market size reached US$ 9.8 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 31.7 Billion by 2028, exhibiting a CAGR of 21.61% during 2022-2028.
Cyber insurance protects businesses against digital threats, such as data breaches, malicious hacks, distributed denial-of-service (DDoS), malware, and ransomware. It also offers financial coverage for sensitive customer information, including health records and social security, credit card, account, and driver's license numbers.
It notifies customers about cybersecurity incidents, restores their identities, recovers compromised data, and repairs damaged computer systems. Nowadays, several insurers worldwide are offering personalized plans depending on business requirements. These plans cover legal fees and expenses for physical damage and income loss.
Cyber Insurance Market Trends:
The rising use of electronic devices for storing data is making organizations more vulnerable to cyber-attacks and data breaches. This represents one of the prime factors influencing the demand for cyber insurance to recover the costs, resume core operations, and stabilize the company. As it also helps businesses safeguard themselves against infringement of networks and sensitive data, cyber insurance is finding application in small and medium-sized enterprises (SMEs).
Moreover, various insurers are offering credit monitoring services and identity recovery protection to restore consumer confidence and mitigate specific risks. Apart from this, governing agencies of numerous countries are implementing stringent regulations for enhancing user privacy rights and security. This is anticipated to influence the demand for cyber insurance solutions worldwide. For instance, the California Consumer Privacy Act (CCPA) of 2018 offered individuals in California more control over their personal information, which businesses collect from them.
Key Market Segmentation:
Breakup by Component:
- Solution
- Services
Breakup by Insurance Type:
- Packaged
- Stand-alone
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use Industry:
- BFSI
- Healthcare
- IT and Telecom
- Retail
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key Questions Answered in This Report:
- How has the global cyber insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global cyber insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the insurance type?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global cyber insurance market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Cyber Insurance Market
6 Market Breakup by Component
7 Market Breakup by Insurance Type
8 Market Breakup by Organization Size
9 Market Breakup by End Use Industry
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
Companies Mentioned
- Allianz Group
- American International Group Inc.
- AON Plc
- AXA XL
- Berkshire Hathaway Inc.
- Chubb Limited (ACE Limited)
- Lockton Companies Inc.
- Munich ReGroup or Munich Reinsurance Company
- Lloyd's of London
- Zurich Insurance Company Limited.
For more information about this report visit https://www.researchandmarkets.com/r/9w8iqp
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