New York, NY, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cyber Insurance Market by End-use Industry (Manufacturing, Retail, IT & Telecom, Government, BFSI, and Others), by Product (Cyber Security Insurance, Cyber Liability Insurance, and Technology Errors & Omissions Insurance), by Company Size (Small Corporation, Medium Corporation, and Large Corporation): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global cyber insurance market accounted for USD 4.2 billion in 2017 and is expected to reach USD 22.8 billion globally by 2024, growing at a CAGR of around 27% between 2018 and 2024.
Cyber insurance is an internet product that is used for securing businesses from internet-based risks. Cyber insurance policies include coverage of expenses that the company bears against theft, extortion, hacking, and losses. The expenditures also include costs for notifying customers about the security breach and regulatory compliance fines.
Browse through 60 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Cyber Insurance Market Size, Growth 2017 Report: Industry Share, Trends, Analysis and Forecast to 2024”.
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Advancements in technology have paved ways for retailers to broaden their customer base. Over the past decade, online business for retailers has increased owing to online shopping and introduction of mobile payment option. This has led to an increase in the cyber attacks. Organizations from this sector have suffered from over 4,000 security incidents from 2016 to 2017. Almost 16% of retailers have suffered a loss of over USD 1 million due to the cyber attacks during the same period. The retail sector is on the rise as the overall sales are anticipated to rise from 3% to 4.5% in 2018. This growth is owing to various organizations opting for online sales of their products and services. Thus the retail sector is proving to be a major driver for the cyber insurance market.
As a result of globalization, government institutes are technically advancing at a rapid pace. Various government agencies have digitalized their data and have become vulnerable to breaches. Cyber attacks on government institutes have doubled from 7% in 2015 to 14% in 2016. It is predicted that almost 20% of government agencies will adopt digital platforms by 2020. Government agencies have proved to be a potential client for cyber insurance companies as they are constantly under the threat of attacks launched by terrorist groups, hackers, and cybercriminals. Thus, government sectors will propel the cyber insurance market during the forecast period.
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Small corporation, medium corporation, and large corporation are included in the company size segment of the global cyber insurance market. A large corporation is contributing significantly to the cyber insurance market and is expected to propel during the forecast period. The share is attributed to the rising incidences of data breaches among these companies. Further, the cyber insurance market is divided on the basis of end-user industry into manufacturing, retail, IT & telecom, government, BFSI, and others. Retail segment will hold a substantial share during the projected time frame.
In terms of revenue, North America holds a significant share in the global cyber insurance market. About 85% of global IT & telecom organizations are headquartered in the region. Presence of recognized market players such as Chubb Corporation and American International Group, Inc., among others are majorly contributing to the higher market share. In 2015, the enforcement of data breach legislation by the U.S. government across all its states proved to be the major driving factor for the market. As a result of this legislation, the U.S. cyber insurance market reached USD 2 billion in 2015 as compared to USD 1 billion in 2014. Thus, it is anticipated that North America will dominate the market in the forecast period.
Browse the full "Cyber Insurance Market by End-use Industry (Manufacturing, Retail, IT & Telecom, Government, BFSI, and Others), by Product (Cyber Security Insurance, Cyber Liability Insurance, and Technology Errors & Omissions Insurance), by Company Size (Small Corporation, Medium Corporation, and Large Corporation): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/cyber-insurance-market
The European cyber insurance market is preliminarily driven by the rising demand in financial institutions and retailers. In the UK, the retail sales increased from USD 508.964 billion in 2016 to USD 532.819 billion in 2017. In 2018, the online sales in the European market are expected to grow by 10% as compared to 2017. This number is anticipated to grow during the forecast period. Further, in 2016, financial service investment projects in Europe grew by 6% as compared to 2015. In 2016, almost 2.9 million firms in Europe suffered from cyber-attacks and breaches that costed businesses of about USD 38.21 billion. Institutes in Europe have started to form norms and regulations to protect data and prevent any type of security breach. Thus, Europe is predicted to fuel the growth of global cyber insurance market.
The Asia Pacific is expected to grow at the highest rate from 2018 to 2024 in the global cyber insurance market. Developing economies such as China and India have a great potential for the cyber insurance application. Digitalization is projected to drive the market in this region. Japan experienced a large number of cyber attacks in 2016. In 2016, almost 37% of the global cyber attacks took place in Japan as compared to 3% in 2015. At least 19 financial institutions in Japan were targeted by cybercriminals during the last six months of 2016. Further, in India, about 22,000 websites including 114 government portals was hacked from April 2017 to January 2018. During the past 2 years, various Indian companies lost about USD 500,000 to cyber attacks. This number is predicted to propel during the forecast period and hence various institutes have opted to use cyber insurance to prevent data theft. Thus, the growth of cyber insurance in the Asia Pacific is still imminent.
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Latin America is projected to contribute substantially to the growth of the cyber insurance market. Rising adoption of cyber insurance in the retail sector will propel the demand for the product in the region. During the first quarter of 2018, nearly 150 million transactions were rejected in various e-commerce websites due to cyber attacks. Latin America is more prone to these attacks as many countries in the region lack the expertise to prevent any major cyber incident. Brazil and Argentina are anticipated to be the key contributors to the growth of this market in Latin America.
Some of the major participants in the cyber insurance market are Chubb Corporation, Munich Re Group, AON Plc, American International Group, Inc., Allianz Global Corporate & Specialty, Zurich Insurance Co. Ltd., XL Group Ltd., Beazley Plc, Berkshire Hathaway, Inc., and Lockton Companies, Inc., among others.
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The report segments the global cyber insurance market as follows:
Global Cyber Insurance Market: End-use Industry Segment Analysis
- Manufacturing
- Retail
- IT & Telecom
- Government
- BFSI
- Others
Global Cyber Insurance Market: Product Segment Analysis
- Cyber Security Insurance
- Cyber Liability Insurance
- Technology Errors & Omissions Insurance
Global Cyber Insurance Market: Company Size Segment Analysis
- Small Corporation
- Medium Corporation
- Large Corporation
Global Cyber Insurance Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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