According to the Report “ Cyber Insurance Market: By Type (Cyber Security, Cyber Liability, Technology errors and Omissions, others); By Industry Vertical (Healthcare, Retails, BFSI, IT and services, others) & Geography - Forecast(2018 - 2023),” published by IndustryARC, the global cyber insurance market is poised sto reach $8.485 billion by 2020.According to a recent study by IndustryARC, the cyber insurance market is forecast to reach $40.14 billion by 2025, growing at a CAGR of 26.85%. The rise in the software vulnerabilities is significantly growing the demand for network security products and high-end technology. The technological developments related to Cyber Insurance Linked Securities (ILS), MGUs (monoclonal gammopathy of undetermined significance) and MGAs (managing general agent) in cyber security systems are driving the growth of the cyber insurance market. Cybercrime continues to surge without a slowdown, owing to the ease of access with minor' safeguarding, and the lack of awareness of attack is raising concerns for small and medium-sized companies. In recent years, banks and insurance companies are adopting cyber security measures to safeguard their business data, cash flow, and customers information are safe in online space.
Browse Cyber Insurance Market Report Link: industryarc.com/Report/17936/cyber-insurance-market.html
Cyber insurance is not a new phenomenon in the market. The robust innovations in this field have opened up a wide range of applications for each industry. The growing cases of cyber-attacks such as breach on few unclassified networks, and customer data breaching are fueling the growth in the Cyber Insurance market. Moreover, the technological innovations in risk and compliance management, firewall, identity and access management, and have propelled the global Cyber Insurance market towards growth.
North America and Asia-Pacific are the largest markets for cyber insurance. In North America, the technology adoption rate is significantly high and the presence of cybersecurity vendors in this region contribute a major value to Cyber Insurance market. The APAC cyber insurance market is expected to grow at the highest CAGR during the forecast period owing to the region’s thriving industries such as BFSI, Healthcare, IT & telecommunication, and so on.
The Major Players in this Market Include:
Allied Worldwide Insurance
Axis Capital holdings limited
BCS Insurance Company
CNA Financial Corporation
ICICI
HDFC
Beazley Insurance.
Others (Travelers Companies, Chubb Limited, XL Catlin Group Limited)
Cyber Insurance companies have utilized mergers and acquisitions as well as advance technology incorporation to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leverage capabilities of acquired companies to gain a foothold in the emerging markets.
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.