According to a new research report from IMARC Group, the global cyber insurance market has shown strong growth during the period 2015-2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of around 23% during the forecast period (2021-2026).
Cyber ââinsurance is a service that protects businesses against digital threats, such as malicious hacks, data breaches, malware, distributed denial of service (DDoS), malware, and ransomware. It also provides financial cover for sensitive customer information, including credit cards, health records, and social security, account, and driver’s license numbers. It notifies customers of cybersecurity incidents, recovers compromised data, restores their identity and repairs damaged computer systems. Nowadays, various insurers around the world offer personalized plans according to the needs of the business. These plans cover legal fees and costs for physical damage and loss of income.
The increasing use of electronic devices to store data makes organizations more vulnerable to cyber attacks and data breaches. This mainly influences the demand for cyber insurance to recover costs, resume basic operations and stabilize the business. Because it also helps companies protect themselves against attacks on networks and sensitive data, cyber insurance has found widespread application in small and medium-sized enterprises (SMEs). Apart from this, the governing bodies of various countries are implementing strict policies to improve the privacy rights and security of users. This is expected to further strengthen the growth of the market in the coming years.
Note: We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of related industries. These observations will be incorporated into the report.
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Analysis and segmentation of the global cyber insurance market 2021-2026:
The competitive landscape of the market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of the major players operating in the market are:
- Allianz SE
- American International Group Inc.
- AON Plc
- AXA XL
- Berkshire Hathaway Inc.
- Chubb Limited (ACE Limited)
- Lockton Company
- Munich Re
- Lloyd’s Company
- Zurich Insurance Group.
For more information on this report, visit: https://www.imarcgroup.com/cyber-insurance-market
The report has segmented the market on the basis of product type, distribution channel, and region.
Breakdown by component:
Termination by type of insurance:
Breakdown by organization size:
- Small and medium enterprises
- Large companies
Breakdown by end-use sector:
- Health care
- IT and telecom
Market breakdown by region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa
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