Pune, India -- (SBWIRE) -- 02/20/2019 -- Cybersecurity insurance is a contract that an individual or entity can purchase to help reduce the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risk to the insurer. Many companies purchase cybersecurity insurance policies to cover extra expenditures that could result from the physical destruction or theft of digital assets. Such expenditures typically include the cost of notifying customers that a security breach has incurred, as well as the cost of regulatory compliance fines.

The Global Cyber Insurance Market is expected to registering a CAGR of +27% during the forecast period 2019-2026.

To qualify for coverage, the individual or entity typically has to submit to a security audit by the insurance company or provide documentation with the assistance of an approved assessment tool. Increase in cyber risk awareness among high executives and high cyber-related losses boost the market. Also, implementation of legislation regarding data security in emerging nations is also likely to drive the market. As a result, the insurance and reinsurance providers of the cyber insurance industry have taken upon this opportunity to secure high margins. However, complex and changing nature of cyber risks limits cyber insurance market growth.

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Key Players Included in the Value Chain
- American International Group
- The Chubb Corporation
- Zurich Insurance Co. Ltd
- XL Group Ltd
- Berkshire Hathaway
- Allianz Global Corporate & Specialty
- Munich Re Group
- Lloyd's
- Lockton Companies, Inc.
- AON PLC
- BitSight Technologies
- Security Scorecard
- Pivot Point Risk Analytics
- Quadmetrics
- Bin Insurer Holding
- LLC
- Beazley

Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.

These days, companies of every size demand cyber insurance. However, highest levels of uptake of cyber liability insurance are observed among large corporations and SMEs. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries, namely, manufacturing, education, construction, energy, and utilities came into the purview of cyber-attacks. Among all these industries, the healthcare industry has found higher penetration of cyber liability insurance policies because huge third-party data such as is available with them.

Asia-Pacific to Project the Fastest Growth:
Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2018 as compared to that with 2017. Around 250 companies, including banks, bought cyber security insurance in 2018.

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This report also assays delicate market issue such as drivers, restraints, and opportunities along with their effect on the growth of the market. The report also discloses the analysis of present industry trends and opportunities of the Cyber Security Insurance Market.

The report also implements primary and secondary research techniques for gathering the most crucial pieces of professional information, and applies a number of industry-best techniques upon the data for projecting the future state of the global Specialty Cyber Security Insurance market. Based on current market development, the report includes an analysis of how activities such as mergers and shapes the market's future

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