Global cyber insurance market expected to reach USD 22.8 billion globally by 2024 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
Sarasota, FL -- (SBWIRE) -- 04/18/2019 -- 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
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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.
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.
North America was the leading regional player with the largest share for cyber insurance in 2017. The U.S. is projected to lead the cyber insurance market during the forecast period. The growth is attributed to the government regulations for companies to have cyber insurance for prevention of cyber attacks. In the Asia Pacific, Japan is expected to be the most attractive nation for cyber insurance market owing to increasing cyber threats. In 2016, Japan contributed for almost 37% of the global internet security threats as compared to a mere 3% in 2015. Thus, Asia Pacific market is anticipated to grow at a significant rate during the forecast period.
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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.
The report segments the global cyber insurance market as follows:
Global Cyber Insurance Market: End-use Industry Segment Analysis
IT & Telecom
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
Global Cyber Insurance Market: Regional Segment Analysis
The Middle East and Africa
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