Albany, NY -- (SBWire) -- 10/08/2015 --The Future of Cyber Risk Insurance' analyzes the growth potential of the cyber risk insurance market, as organizations are realizing the importance of protecting their business from damage caused by cyberattacks.

Insight Report: The Future of Cyber Risk Insurance'provides a detailed study on the state of the cyber insurance market globally. It provides:

Insights into key trends regarding market size, growth opportunities, premium pricing and claims payout

Analysis of insurability of cyber risks faced by businesses and organizations, due to the dynamic nature of cyber risks.

Assessment of insurance as a tool in mitigating cyber risk. It also analyzes the role of insurance as a strategic tool in organizations' cyber risk management.

Analysis of market opportunities and challenges faced by insurance companies in marketing and selling cyber risk insurance products.

Detailed analysis of cyber risks faced by insurance companies, and the impact and costs of data breaches.

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Executive summary

Insight Report: The Future of Cyber Risk Insurance' analyzes the growth potential of the cyber risk insurance market, as organizations are realizing the importance of protecting their business from damage caused by cyberattacks.

The increasing frequency of security breaches, in conjunction with business structures that are ever more reliant on technology, has augmented demand for cyber insurance. The cyber insurance market is rapidly emerging as a separate class of insurance, due to rising demand for cover for specific cyber risks, which are not covered under traditional insurance policies such as commercial general liability (CGL) and professional indemnity policies.

Insurers should start building capabilities to offer cyber-insurance products and gain early-mover advantage, as the cyber insurance market is still in its early stages of development. French insurer Axa is recruiting computer experts and engineers to build a centralized cyber team as a strategy to differentiate itself in the cyber insurance market.

The report also discusses in detail the risks and challenges faced by the insurance industry in the development of cyber risk insurance. The cyber risk insurance industry is in its initial stages of development, but its rapid growth presents challenges for insurers with respect to the insurability of cyber incidents and the use of relevant pricing models. A lack of standardization among cyber risk insurance products, and uncertainty around policy wording are creating ambiguity for buyers.

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Scope

The report discusses in detail how cyber risk insurance provides significant growth opportunities for commercial lines of insurance.

It analyzes growth in cyber incidents, and different types of cyber risk, and their impact on businesses and organizations.

It offers insights into the development of models to quantify cyber risk more accurately, as actuarial data is often scarce.

It analyzes how public policy initiatives and industry standards relating cyber security are contributing to the development of cyber risk insurance.

Reasons to buy

Develop an insight into the cost and components of data breaches. Analyze the reasons for increasing cyber security incidents.

Understand the current developments in cyber insurance in terms of product offerings and cover provided by insurers.

Gain an understanding of the different factors considered while charging premiums for cyber risk insurance.

Build insights into risks and challenges in the development of cyber risk insurance.

Understand how an evolving regulatory landscape in relation to data protection and privacy laws can impact the cyber risk insurance market.

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