Cyber Insurance Market: In-Depth Qualitative Insights and Historical Data

Albany, NY -- (SBWIRE) -- 09/18/2018 -- Technology has become an integral part of organizations, including recent innovations such as the Internet of Things (IoT), robotics, artificial intelligence, and augmented and virtual reality. This is generating new levels of automation, smart buildings, e-mobility, and even smart cities. However, these developments also create new threats. The insurance industry is playing catch-up with the rapid rise in cyber-related risks. Cyber risk has gained significant interest in the past few years, as it could lead to serious impact on societies and businesses. Cyber insurance helps businesses and individuals to protect from Internet-based risks, and more specifically from risks relating to information technology infrastructure and activities. This type of insurance helps businesses to reduce risk exposure by compensating costs involved with recovery after a cyber-related security breach or such similar events.

Cyber-attacks vary from sector to sector and are constantly increasing. For instance, the retail sector is increasingly being targeted and the BFSI sector finds itself a focus of organized cyber-crime. Technology has altered the way banking is conducted — from storing data in the cloud to providing services online to customers. Distributed denial-of-service (DDoS) and ransomware attacks are increasingly used against businesses such as media & entertainment and health care. Meanwhile, the telecommunications and public sectors are susceptible to espionage-focused cyber-attacks.

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Industries that hold large volumes of personal data, such as retail & healthcare or sectors relying on digitalized technologies such as telecommunications, logistics, and manufacturing are currently most likely to adopt cyber insurance. However, there is rising interest in the energy & utilities financial institutions and transport sectors, driven by the increasing threats posed by interconnectivity. Instances of computer breaches in recent years, such as Twitter and Democratic National Committee, increase the need of insurance against cyber threats.

Surge in commercialization, rise in interconnectivity, and globalization of cybercrime are responsible for occurrence of cyber incidents. These factors boost the growth of the cyber insurance market. The global cyber insurance market is expected to gain traction, owing to increase in cyber-related losses and cyber risk awareness among top executives. Furthermore, implementation of legislation supporting data security in emerging as well as developed nations is likely to drive the cyber insurance market during the forecast period. However, constantly changing and complex nature of cyber risks is expected to restrain the global cyber insurance market.

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The global cyber insurance market can be segmented based on enterprise size and vertical. In terms of enterprise size, the market can be categorized into SMEs and large enterprises. Based on vertical, the global cyber insurance market can be classified into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.

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