Proliferation of Networked Devices Across Enterprises Bolstering Demand for Cyber Insurance
QYResearchReports.com has announced the addition of a new market intelligence report, titled “2017-2022 Cyber Insurance Report on Global and United States Market, Status and Forecast, by Players, Types and Applications.”
Brooklyn, NY -- (SBWire) -- 09/27/2017 --The report on the global and United States market for cyber insurance offers an elaborate assessment of key drivers and restraints, emerging trends, notable opportunities, prominent business use cases, and recent technological advancements. The research presents a detailed insight into the share and size of various types of cyber insurance, lucrative avenues, and competitive landscape. The analysis takes a closer look at recent offerings of key players and imminent investment pockets in major regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa, with the key focus on the U.S.
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The soaring concern of cybersecurity-related data breaches and other similar security incidents in a growing number of enterprises of all sizes is a key factor driving the evolution of the cyber insurance market. The drive for cyber insurance coverage stems from the need to mitigate the risk of data breaches by covering costs of recovery after a cybersecurity breach. The rising number of business cases for cyber insurance in large as well as small enterprises in developed and developing nations is driving the market.
The mounting impact of data breaches on the reputation of large businesses, coupled with intensifying need for assessing the true impact, is a key factor expected to bolster the demand for cyber insurance coverage. In addition, the rising number of phishing attacks on small businesses is also expected to accentuate the demand in the coming years.
The rapidly growing number of networked devices in businesses in emerging economies is likely to drive the number of business cases for cyber insurance coverage. The intensifying initiatives by insurers and technology companies toward the standardization of coverage is anticipated to augur well for the global and U.S. cyber insurance market. The limited amount of data available with underwriters hinders the understanding of true risk of cyber-attacks among insurers and insured. This is a key factor likely to impact the steady evolution of the market. The recent efforts undertaken by prominent technology companies in consolidating their cyber intelligence networks is a key factor that bodes well for the market. This renders actuaries, underwriters, and brokers ample opportunities to tap into these networks and security platform. This is a key trend expected to open up promising avenues for market players during the forecast period (2017 - 2022).
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The growing number of enterprises in developed nations creating cyber risk profile for assessing the vulnerability is a key trend expected to accentuate the market. This may mainly include assessing the average cost of a data breaches, especially for budget-constrained organizations. In addition, the increasing effort to make the data protection networks more robust is expected to improve the efficacy of cyber insurance.
Some of the major end-use industries are healthcare, retail, financial services, and information technology and services. Some of the key product types are security or privacy breaches, intelligence property insurance, and billing error coverage.
The advent of an automated online cyber liability solution is likely to favorably impact the market, especially in developed countries. The recent advances made in reinsurance and setting of mechanism for measuring cyber aggregation risks by several globally prominent technology players also bodes well for the market. This has also triggered partnerships and collaborations in the global and United States market for cyber insurance.
Some of the key players operating in the market include Aon plc, Lockton Companies, Lloyds, Munich Re Group, Allianz Global Corporate, Berkshire Hathaway, XL Group, Zurich Insurance, The Chubb Corporation, and American International Group Inc.
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