Introduction

Global Cyber Insurance Market

Cyber insurance refers to an insurance product developed to help organizations hedge against the potentially devastating consequences of several cybercrimes, including ransomware, malware, distributed denial-of-service (DDoS) attacks, or other illegal procedures utilized to compromise a network and the organization’s sensitive data. Also referred to as cybersecurity insurance or cyber risk insurance, these policies are personalized to help an organization mitigate particular risks. As the number of devices, applications, etc. increases, a company becomes more vulnerable to cyber-attacks. Just like organizations insure against different business problems, natural calamities, and physical risks, they critically require insurance coverage for cyber threats as well.

Growing digitalization within business organizations and economies has generated different challenges related to the management of digital privacy and security. Management of digital and internet-based risks has become one of the prime priorities for organizations owing to rapidly rising incidences of digital frauds, cybercrimes,  cyber stealing threats, and data security breaches. Despite implementing powerful cybersecurity solutions for mitigating and curbing cyberattacks, losses incurred due to data security breaches continue to be notable, thereby affecting the revenue margins of organizations. All these factors are expected to encourage organizations to acquire cyber insurance policies. Most cyber insurance policies and plans cover a wide range of cyber risk losses that may suddenly arise from different kinds of cyberattacks.

Further, with increasing cyber threats, including identity theft, information leakage, and ransomware, monetary losses across organizations are foreseen to rise at a steady pace. Thus, using cyber insurance policies for eliminating cyber risk and its potential consequences continues to be a critical necessity for organizations. Some modern cyber insurance plans offer additional coverage for physical damage to hardware and coverage for income loss. Cyber insurance plans can be personalized depending on the organization’s business security posture. Acquiring cyber insurance can be a great way to mitigate the losses caused by the data security breach. However, it should complement cybersecurity technology as part of a comprehensive cyber risk management strategy.

 

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Market Segmentation

The global cyber insurance market can be analyzed on the basis of product types, applications, regional markets, and prominent market players.

 

Based on the product types, the cyber insurance market can be segmented into-

•             Small Medium Enterprise

•             Large Medium Enterprise

 

Enterprises of all sizes are equally vulnerable to cyberattacks, owing to the proliferation of modern business trends and technologies, such as the Internet of Things (IoT), cloud computing, Artificial Intelligence, Machine Learning, and Big data & analytics. These advanced technologies have enabled organizations to grow and attain their desired business goals with absolute efficiency. However, due to the digitization of data and increased ease of access to broadband Internet, these technologies have also generated new vectors of cyberattacks.

 

Based on applications, the cyber insurance market can be segmented into-

•             Healthcare

•             Retail

•             Financial Services

•             Information Technology and Services

 

Regional Analysis

Based on geography, the global cyber insurance market can be segmented into North America, Europe, Asia Pacific, and Southeast Asia. The North American market is considered prominent for cyber insurance. The growth of North American cyber insurance market can be attributed to the presence of some well-established insurance providers and increased awareness among businesses regarding the benefits of cyber insurance. Furthermore, the increasing adoption of cyber insurance by SMBs is foreseen to drive the product demand across the North American business and IT organizations. Asia Pacific cyber insurance market is also anticipated to witness considerable growth in the coming future. Growing incidents of cyber crimes and data security breaches in India, China, and Australia are expected to drive the product demand in the Asia Pacific region.

 

Important Facts

Liberty Mutual Insurance, a leading cyber insurance provider has released a line of extremely beneficial cyber insurance policies that are developed to cover requirements of the small and midsize business organizations. Liberty Mutual Insurance policies can be divided into four distinct categories, enabling cyber insurance policyholders to tailor their coverage limits and areas based on their unique business requirements. The four major categories of cyber insurance include Data Compromise Defense and Liability, Data Compromise Response Expense, Attack and Extortion, and Network Security Liability.

 

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