Software News

Software News!

Application and Enterprise Software News
Press release distribution service

Software Links: Application Software, Enterprise Software, Virus Software





 




Home > Software News:
  • Watch News Feed
  • Bestsellers Software

  • Cyber Insurance Market Estimated to Surpass $22.4 Billion by 2026

    (I-SoftwareNews.Com, May 28, 2021 ) The global Cyber Insurance Market is estimated to surpass $22.4 Billion by 2026 growing at an estimated CAGR of more than 25.6% during the forecast period 2021 to 2026. Rising need for high security in case of online transactions, social media, and applications are increasing the security needs of the companies at a rapid rate. Cyber-attacks can cause severe financial and other losses to an organization or an individual. Cyber insurance policy/cyber liability insurance/cyber risk insurance allows an organizationís liability for any kind of sensitive data breach, cyber extortion, and network interruption. The market will be driven by the growing awareness against cyber risks and cyber-attacks in many organisations.



    Cyber Insurance Market Segment Analysis - By Insurance Type



    Stand alone is growing at the highest CAGR of 31.1% in the forecast period 2021-2026. These policies help companies in eliminating the risk of silent exposures and make the market more resilient. Many cyber insurance companies are seeing a shift of policy buyers from endorsement to standalone policies as they help eliminate the risk of silent exposures and makes the market more resilient. This type of policies typically offers liability coverage for losses related to data breaches. In addition, businesses filing a cyber-incident related insurance claim under standalone policies are able to receive monetary compensation of their legal and investigative fees as well as the cost the loss incurred. Moreover, several advantages such as availability of the dedicated limits for cyber-attacks, demand for expanded business interruption coverage, expanded coverage of other areas by endorsement policies, and expanded monetary limit in case of the data breach are some of the major reason for the shift from endorsement to standalone policies. Further standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Additionally, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companiesí legal liabilities to third parties.



    Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=17936

    Report Price: $ 4500 (Single User License)



    Cyber Insurance Market Segment Analysis - By End-Use Industry



    Initially, cyber insurance market demand was seen in media, telecom, technology, and professional services. However, now the growth is evident across all major industries. In 2018, health care, education, and gaming organizations were the major cyber insurance buyers. According to the IndustryARC report, the health care industry is the leading buyer of cyber risk insurance. Thus the demand for cyber insurance in the segment of health care is projected to grow at a CAGR of 32.5% during the aforesaid forecast period. Telecom sector is highly prone to cyber-attack, is considered as the major end-users for cybersecurity market. Approximately, 43% of Telecom organization suffered from DNS-based malware in 2019. Thus, telecom organizations are adopting advanced cyber insurance solutions. Along with the telecom sector, the aerospace industry is considered to be another key end-users to cyber insurance market.



    Cyber Insurance Market Segment Analysis - By Geography



    North America will dominate the Cyber Insurance Market during the forecast period. The mandatory legislation regarding the cybersecurity in many US states has led to the emergence of cyber coverage. The cyber insurance industry in the US has become mature. Asia Pacific is expected to show significant growth during the forecast period due to the increase in ransomware attacks. Australia is also expected to show similar growth due to the rise in the usage of cloud computing technology and the use of mobile devices that have increased the demand for data protection.



    Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=17936



    Cyber Insurance Market Drivers



    Growing number of Cyber Attacks



    Growing number of cyber-attacks in several sectors such as banking, healthcare, retail, financial institutions, and others, has led to data security and reputational loss concerns. This is especially prevalent in the BFSI sector where a number of banks have been the subject of various cyber-attacks. Moreover, these cyber threats have several implications on public safety, economic prosperity, and government security. To address these issues, the government of Romania has made stringent regulations and policies related to cyber-attacks and insurance, Moreover, increased awareness about business interruption (BI) risks and related insurance products in the recent years is driving the market growth. As a result, rise in number of cyber-attacks and security breaches across the industry will drive the growth of cyber insurance in the forecast period.



    Increased Adoption in Healthcare Sector



    Cyber insurance in healthcare sector is growing significantly owing to rapid increase in cyber-attacks. Moreover, with the digitization of health records and increasing penetration of the internet, critical medical information has become vulnerable to hacking and breaches. To mitigate these risks, cyber insurance products are increasingly available in the market, more commonly as standalone, comprehensive products. These policies offer not only indemnities for first and third party claims, regulatory fines and defence costs, but also provide an array of experts to provide assistance in the immediate aftermath of a cyber-event in health care sector. Hence increased adoption will drive the market in the forecast period.



    Cyber Insurance Market Challenges



    High Cyber Insurance Costs



    The higher cost of cyber insurance is one of the major factors hindering the growth of the cyber insurance market. Insurance companies had to pay out expensive claims due to the ransomware attacks in the last two to three years. Even if the cyber insurance companies do not cover the ransom amount, the cost of recovery for the compromised system is high. Cyber insurance companies are increasing the coverage costs to cover the additional costs due to the added services, such as negotiation with hackers and assistance for data recovery during a ransomware attack. The rising prices of cyber insurance has slowed down the adoption as the organizations are more focused on increasing the cybersecurity rather than pay the insurance premium.



    Cyber Insurance Market Landscape



    Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Cyber Insurance Market. Chubb Limited, Berkshire Hathaway Inc., Zurich Insurance Group AG, Lockton Companies Inc., Munich Re Group, Allianz Group, Aon Plc, Arthur J. Gallagher & Co., AXA XL, Beazley Plc, The Travelers Companies Inc. and Axis Capital Holdings Limited are considered to be the key players of the Cyber Insurance Market.



    Acquisitions/Technology Launches/Partnerships



    At-Bay provides cyber insurance for the digital age that empowers us to use technology fearlessly. The company was established with the purpose to provide insurance and services enabling companies to innovate in spite of the continuous threat of cyber risk. It has been provided funding of $19Million.



    In 2019, Romania-based Leader Team Insurance Broker and U.K.-based insurer CFC Underwriting Ltd. have launched $11 million cyber insurance policy for technology companies in Romania.



    Key Takeaways



    Stand alone is growing at the highest CAGR of 31.1% in the forecast period 2021-2026. These cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach.



    Large enterprises are the more-significant users of cyber insurance compared to SMEs as they deploy cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations.



    Cyber insurance in the healthcare sector is growing significantly owing to rapid increase in cyber-attacks, with the digitization of health records and increasing penetration of the internet.



    Related Reports :



    A. Romania Cyber Insurance Market

    https://www.industryarc.com/Report/19461/romania-cyber-insurance-market.html



    B. Cyber Security Market

    https://www.industryarc.com/Report/15646/cyber-security-market.html



    For more Information and Communications Technology related reports, please click here



    About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

    IndustryARC

    Venkat Reddy

    (+1) 970-236-3677

    venkat@industryarc.com

    Source: EmailWire.Com

    Source: EmailWire.com

    Media Sponsor

    I-SoftwareNews.Com Sponsors



    Software Advertisement

    I-SoftwareNews.Com Resources
  • Application Software
  • Bioinformatics
  • Computers
  • Computer Games
  • Enterprise Software
  • Graphics/Printing/CAD
  • Hardware/Peripheral
  • industrial Computers
  • Information
  • Internet
  • Multimedia
  • Networking
  • Public Sector
  • Robotics
  • Semiconductor
  • Software
  • Telecommunications
  • Webmaster
  • Information Technology Publications
    We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Information Technology resource center today to browse our selection of 600+ complimentary Information Technology magazines, white papers, webinars, podcasts, and more. Get popular titles including:

    The Integration Journey—a Field Guide to Enterprise Integration for SOA
    Government Technology\'s Public CIO
    Protecting Content During Business Disruption: Are You Covered?

    No credit cards, coupons, or promo codes required. Try it today!

    Press release distribution service

    I-SoftwareNews.com is part of GropWeb Network, online properties of GroupWeb Media LLC. Copyright © GroupWeb Media LLC. All Rights Reserved.

    For unlimited press release distribution for $99 per month, call (281) 645-4086 or start posting your press releases online at EmailWire.com.
    Copyright 2008 GroupWeb Media LLC
    GroupWeb Media Network

    Aviation-NewsWire | ArtNewsWire | Auction NewsWire | CRM NewsWire | ePhotoNewsWire | Energy Industry | EstateNewsWire | Entertainment-NewsWire.com | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | i-Homeland Security.Com | iMac-NewsWire.Com | i-Press-Release-Service | i-SoftwareNews.com | iT-NewsWire.Com
    | i-TravelNewsWire.Com | MoneyNewsWire.Net | Movie-Stars-News.Com | MSNewsWire.Net | PharmaNewsWire.Com | Publishing-NewsWire.Com | RSSNewsWire.Net | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com | VoIPNewsWire.Net | XSportsWorld.Net
    I-SoftwareNews.com ô - Newswire and Press Release service of GroupWeb Media LLC