Cyber Insurance Market to Surge growth at a rate of 25.40%% by 2030, Key Growth Drivers, Challenges and Industry Revenue Outlook

PRESS RELEASE
Published May 17, 2023

Data Bridge Market research has recently released expansive research titled “Cyber Insurance Market” guarantees you will remain better informed than your competition. This study provides the broader perspective of the market place with its comprehensive market insights and analysis which eases surviving and succeeding in the market. Cyber Insurance market research report is composed of myriad of factors that have an influence on the market and include industry insight and critical success factors (CSFs), market segmentation and value chain analysis, industry dynamics, market drivers, market restraints, key opportunities, technology and application outlook, country-level and regional analysis, competitive landscape, company market share analysis and key company profiles. In addition, businesses can gain insights into profit growth and sustainability programme with this report. Business intelligence is an essential aspect when it comes to accomplish thorough and wide-ranging market insights and the same is applied for producing Cyber Insurance market report.

Data Bridge Market Research analyses that the cyber insurance market is expected to reach USD 73368.28 million by 2030, which is USD 11998.53 million in 2022, at a CAGR of 25.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Cyber Insurance Market Analysis:

This Cyber Insurance Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Cyber Insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

List of the leading companies operating in the Cyber Insurance Market includes:

  • American International Group, Inc. (U.S.)
  • Aon Plc (U.K.)
  • IBM (U.S.)
  • Check Point Software Technologies Ltd. (Israel)
  • CyberArk Software Ltd. (U.S.)
  • F5 Inc (U.S.)
  • FireEye (U.S.)
  • Forcepoint (U.S.)
  • Fortinet Inc (U.S.)
  • Amazon Web Services (U.S.)
  • Oracle (U.S.)
  • Palo Alto Networks (U.S.)
  • Imperva (U.S.)
  • Qualys Inc (U.S.)
  • Accenture (Ireland)
  • HCL Technologies Limited (India)
  • Capgemini (France)
  • Cognizant (U.S.)
  • Symantec Corporation (U.S.)
  • Broadcom (U.S)
  • Wipro Limited (India)

Recent Development

In 2022, Uncover presented cyber security insurance for small enterprises in forthcoming Cyber Security Awareness and light of the cyber-attack on Optus Month in October. The company mainly focuses on servicing Australian small and medium enterprises with the launch of latest Cyber and Privacy Liability Insurance.

In 2022- Medibank, an Australian insurance company, announced in the newest company statement after being connected by a nasty party alleging to have consumer data and for its deletion. The major cyber security conflict happened when the company found some “unusual activity” on its internal systems.

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Cyber Insurance Market

Drivers

  • Increasing usage of social media platform and easy access of personal information

Easy access of personal information and data over the internet and rising usage of social media platforms have encouraged the cybercriminals to commit crimes that largely involve the sale of the personal information such as  identities, medical records, credit card numbers and  many more on the dark web. As a result of all these factors, the demand for cyber insurance is rising in the market.

  • Growing cyber risks

There are huge cyber threats owing to a large portion of the global population spending their maximum time on online platforms that can mainly drive the demand for cyber insurance. Several initiatives taken by regulatory and government organizations to strengthen defenses also spur the demand for cyber insurance in the market at a substantial pace. Surge of data privacy laws for instance the Europeans General Data Protection Regulation and Health Insurance Portability and Accountability Act can further facilitate the demand for the cyber insurance in the market during the forecast period.

Opportunities

  • Growing usage of blockchain technology with artificial technology (AI) for risk analysis

Among the most recent innovative technologies, the blockchain technology and artificial technology (AI) technology are anticipated to give risk analytics solutions and generate new business opportunities for the market growth. The integration of these advanced technologies with risk analytics programs would support cybersecurity insurance companies with some of their most important issues. The growth of these modern and advanced technologies enables faster transactions and settlements, making it easier for their clients and financial institutions to perform transactions easily. Risk analytics solutions are very important to analyze claims, provide policy coverage, and manage reserves. Therefore the growing usage of blockchain technology with artificial technology (AI) for risk analysis will create immense opportunities for the growth of the cyber insurance market.

Restraints

  • Issues associated with cyber insurance

Lack of expertise and technical knowledge along with growing concern regarding cybersecurity, data and information privacy will be considered major restraining factors for the market’s growth during the abovementioned forecast period. Furthermore, absence of historical cyber and lack of understanding will become the biggest and foremost challenge for growth of the market.

This cyber insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cyber insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

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Global Cyber Insurance Market Segmentations:

Component

  • Solutions
  • Cybersecurity Insurance Analytics platform
  • Disaster Recovery and Business Continuity
  • Cybersecurity Solution
  • Cyber Risk and Vulnerability Assessment
  • Cybersecurity Resilience
  • Services
  • Consulting/Advisory
  • Security Awareness Training
  • Other
  • Infrastructure Services
  • Implementation
  • Support and Maintenance

 Insurance Type

  • Packaged
  • Standalone

 Insurance Coverage

  • Data Breach
  • Data Loss
  • Denial of Service and Down-Time
  • Ransomware Attacks
  • Others
  • Third Party data
  • Business Disruption
  • Social Engineering
  • Cyber Liability

Type

  • Data Protection and Privacy Costs
  • Non-compliance Penalty
  • Brand and Related Intellectual Property Protection
  • Others
  • Human Error
  • System Failure
  • Controls Framework
  • Inadequate IT Security Measures and Non-Security Related IT
  • Source/target
  • Internal
  • External

 Organization Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Application

  • Information and Communication Technology
  • Financial Services
  • Manufacturing
  • Retail
  • Healthcare
  • Others

Coverage Type

  • First Party Coverage
  • Theft and Fraud
  • Computer Program and Electronic Restoration
  • Extortion
  • Forensic Investigation
  • Business Interruption
  • Third-Party Coverage
  • Crisis Management
  • Credit Monitoring
  • Regulatory Response
  • Regulatory Response
  • Privacy, and Security Liability
  • Network Security Liability
  • Media and Communication Liability
  • End user
  • Technology Provider
  • Insurance Companies
  • Third-party administrators, brokers and Consultancies
  • Government Agencies
  • Insurance Provider
  • Financial provider IT and ITES
  • Healthcare and Life Sciences
  • Retail and E-commerce
  • Telecom
  • Travel, tourism and Hospitality
  • Others
  • Education
  • Manufacturing
  • Energy and Utilities and Government

Regional Analysis for Global Cyber Insurance Market:

APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)

Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)

North America (U.S., Canada, and Mexico)

South America (Brazil, Chile, Argentina, Rest of South America)

MEA (Saudi Arabia, UAE, South Africa)

The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market’s current and future trends. Data points like downstream and upstream value chain analysis, technical trends, porter’s five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

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Table of Content: Global Cyber Insurance Market

Chapter 1: Market overview

Chapter 2: Global Cyber Insurance Market analysis

Chapter 3: Regional analysis of the Cyber Insurance industry

Chapter 4: Market segmentation based on types and applications

Chapter 5: Revenue analysis based on types and applications

Chapter 6: Market share

Chapter 7: Competitive Landscape

Chapter 8: Drivers, Restraints, Challenges, and Opportunities

Chapter 9: Gross Margin and Price Analysis

New Business Strategies, Challenges & Policies are mentioned in Table of Content, Request TOC@ https://www.databridgemarketresearch.com/toc/?dbmr=global-cyber-insurance-market

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