Global Cyber Insurance Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Cyber Insurance Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by Trusted Business Insights. The global cyber insurance market report has been segmented on the basis of industry vertical and region.

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Global Cyber Insurance Market: Overview

Cyber insurance policy is cyber-risk insurance or cyber liability insurance coverage to protect businesses and individual users from Internet-based risks, such as viruses, hackers, etc., that can affect computer systems.  These policies offered by various companies for businesses provide and cover liability and property losses that may result when an organization engages in electronic or Internet-based activities such as performing a transaction online, collecting data within its internal electronic network, etc. Cyber insurance is usually preferred to protect against data breaches by providing compensation claims such as network security protections, loss of data, stealing of intellectual property, and privacy loss.

Global Cyber Insurance Market: Dynamics

The increasing number of cybercrime or cyber-attacks across various countries is a major factor expected to drive the growth of the global market.

In addition, increasing opportunity for brokers towards innovating cyber insurance products/services to manage risks amount, and insurance cost-related for data thefts, criminological investigations, and business interruption and reputation, etc. The aforementioned are major factors expected to drive the growth of the global cyber insurance market.

Moreover, the cyber insurance policy covers expenses of first parties as well as claims by third parties, some common recompense expenses are investigation, business losses, economic losses by network downtime, data loss recovery, the involvement of costs to manage a crisis, privacy, lawsuits, and extortion is another factor expected to drive the growth of the global cyber insurance market.

Furthermore, advanced development such as outsourcing data processing by cloud providers, growing uses of the connected devices to handle business leads to the risk of a data breach due to less-secure environments. This, in turn, is expected to drive growth of the global cyber insurance market.

However, complexity and constant change in the nature of cyber risks and limited access to cyber insurance policies in developing countries are some of the major factors that could restrain growth of the global cyber insurance market.

Global Cyber Insurance Market: Segment Analysis

Among all industry verticals, banking Insurance and financial services (BFSI) and information technology segment are expected to contribute significant share in terms of revenue in the target market, owing to increasing number of cyber-attacks and digital banking transactions. In terms of revenue, healthcare segment is expected to register a high growth during the forecast period owing to growing adoption of digital or connected devices.

Global Cyber Insurance Market: Regional Analysis

The cyber insurance market in Asia Pacific is projected to register lucrative CAGR in the global market in terms of revenue over the forecast period, owing to low protection against cyberattacks in Asian countries. In addition, countries such as Australia, New Zealand, Singapore, South Korea, and Japan are more vulnerable to cyber-attacks than other countries in Asia Pacific.

North America cyber insurance market is expected to account for significant revenue share in the global market, due to compulsory uses of cybersecurity across various organisation in U.S

Global Cyber Insurance Market Segmentation:

Segmentation by industry vertical:

 	
Healthcare
 	
Retail
 	
Financial Services (BFSI)
 	
Information Technology and Services
 	
Others (Utilities, Energy, Manufacturing, Construction, and Transportation)

Key Player operating in Global Cyber Insurance Market

 	
American International Group, Inc.
 	
The Chubb Corporation
 	
Zurich Insurance Co. Ltd
 	
XL Group Ltd
 	
Berkshire Hathaway
 	
Allianz Global Corporate & Specialty SE
 	
Munich Re Group
 	
Lloyd’s
 	
Lockton Companies, Inc.
 	
AON PLC
 	
BitSight Technologies
 	
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