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Cyber Insurance Market Expects Sony & Democratic Party Data Breaches to Raise Awareness in the Corporate World

Cyber Insurance Market, Spurred by Yahoo’s Reduced Valuation by Verizon, Expected to Play A Greater Role in Future M&As.

According to the market research report “Cyber Insurance Market: By Organization Size (Small and Medium Enterprises (SMES), Large Enterprises), By Types of Coverage (First-Party and Third-Party), By Industry Vertical (Healthcare, Transportation, Retail, Information Technology and Services, Financial Services, Power Generation, Infrastructure and Others) & Geography - Forecast (2017-2023)”, published by IndustryARC, estimates that companies headquartered in Asia-Pacific will be the key growth growth drivers till 2023.

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The Cyber Insurance Market will look back on 2017 and probably consider it as its ‘coming-of-page’ period. Until now, the market for cyber security insurance was either immature or largely ignored by almost everyone. This was especially true when it was compared to its insurance cousins like property or casualty, which have been practised in some form or the other for quite some time. In some cases, companies have simply decided not to take up the best cyber security practices, and in others they disregarded cyber insurance due to a misguided fear that their claims might not be covered even if they fell prey to a cunning cyber-attack. Even among developed nations there is a real lack of awareness regarding the fact that cyber risk management can offer timely solutions to insure against data breaches. Thus, the Cyber Insurance Market is perfectly positioned to enjoy sustained success till 2023 and even beyond that.

Scope & Regional Forecast of the Cyber Insurance Market

Cyber security needs are currently at an all-time high as WannaCry and Petya have pulled away the veil of ignorance. Whether it is North Korea or just good old greedy hackers, cyber security risks seem to be everywhere and companies are actively updating their digital infrastructure on a regular basis. Cyber insurance providers have been further encouraged by the fact that a cyber risk or threat could derail billion dollar M&A (merger and acquisition). For example, when Verizon was in talks to acquire Yahoo, the latter reported a data breach which led to drop of $350 million in its eventual valuation. 

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The Cyber Insurance Market is even exploring unexpected avenues in its search to defend against cybercrimes. With internet security suites being a thing of the past, artificial intelligence is the buzzword as companies are actively looking to leverage this advanced piece of technology to improve their defences. IBM’s Watson and Amazon Machine Learning are already being utilized as predictive modelling tools as well as to provide a fair assessment of a particular organization’s cyber security apparatus or cyber risk. Currently, North America holds the highest share in the Cyber Insurance Market, but Asia-Pacific’s rapidly growing companies are expected to be key growth drivers during the next decade.

Segmentations & Key Players Involved in the Cyber Insurance Market

The Cyber Insurance Market can be broken down into various segmentations on the basis of -

  • Organizational Size: Small and Medium Enterprises (SMES) and Large Enterprises.

  • Types of Coverage: First-Party Coverage (Crisis Management, Cyber Extortion, Data Asset Protection, Network Business Interruption) and Third-Party Coverage (Network Security Liability, Privacy Liability).

  • Industry Vertical: Healthcare, Transportation, Financial Services, Retail, Information Technology and Services, Power Generation, Infrastructure and Others.

  • Geography: North America, Europe, Asia-Pacific and Rest of the World.

Some of the key players involved in the Cyber Insurance Market are as follows:

  • Travelers Companies Inc.

  • CNA Financial Corp.

  • Allied World Assurance Co.

  • Liberty Mutual Group

  • BCS Insurance Company

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About IndustryARC:
IndustryARC is a Research and consulting firm that publishes more than 500 Reports Annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

Why buy this report?

* The overall market has been consolidated from the perspective of different geographic locations and key economies for this market.

* Identifies growth sectors and factors driving or constraining the market.

* The market is analyzed based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.

* The study includes the demand of this particular market on a global and regional scale for a six year period of 2017 - 2023, to assess how the market will develop.

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Company Name: IndustryARC
Contact Person: Mr. Venkateshwar Reddy
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Country: United States

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