Cyber Insurance Market size worth $ 68.17 Billion, Globally, by 2030 at 24.1% CAGR: Verified Market Research®
The "Global Cyber Insurance Market Size By Deployment Model, By Service Type, By Organization Size, By Application, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Cyber Insurance Market, including its growth prospects, market trends, and market challenges.
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Browse in-depth TOC on "Cyber Insurance Market"
202 - Pages
126 – Tables
37 – Figures
Cyber Insurance Market: Growth Drivers, Challenges, and
The Cyber Insurance Industry offers insurance for first-party damages as well as third-party claims for businesses dealing with cyber-related security breaches or comparable occurrences. This insurance intends to cover expenses related to recovering from internet-based cyber damages, including indemnity from data breach-related legal actions, loss of privacy, and network security breaches. Rising cyberattacks pose a severe threat to people, businesses, and nations, which is why more people are using cyber insurance solutions.
Due to mandated cybersecurity laws and data protection legislation, there has been an increase in demand for cyber insurance. Globally, governments and law enforcement organizations have taken steps to improve data security. The COVID-19 epidemic has highlighted the importance of cyber insurance coverage even more, with some regions requiring state contractors handling regulated personal information to obtain cyber insurance.
Insurance companies are increasingly focusing on cyber insurance measures due to a number of data privacy laws, including the General Data Protection Regulation (GDPR) of the
Future adoption of the cyber insurance market is anticipated to be fueled by the growth in cyberattacks during the pandemic and rising digitization. Businesses are becoming more conscious of the potential business disruption risks associated with cyberspace, and different sectors, like banking and healthcare, are seeing an increase in the number of obligatory data security rules, which is further driving market expansion.
The increased cost of cyber insurance, however, is a significant barrier to the market's expansion. Due to ransomware assaults in recent years, insurance companies have had to pay out hefty claims. The expense of retrieving infected systems is substantial, despite the fact that certain cyber insurance coverage do not cover ransom payments. Because of this, cyber insurance providers are raising the cost of coverage to account for new services like negotiating with hackers and helping with data recovery from ransomware attacks. Due to this, businesses now place a higher priority on enhancing cybersecurity safeguards than raising insurance rates.
Due to the significant need for security solutions in the region,
The "Global Cyber Insurance Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM Corporation, Sophos, Trend Micro, Cisco Systems, HPE, Fortinet, Check Point Software Technologies Ltd., Juniper Networks, Inc, Symantec Corporation.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Cyber Insurance Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Cyber Insurance Market into Deployment Model, Service Type, Organization Size, Application, And Geography.
- Cyber Insurance Market, by Deployment Model
- Cloud-based
- On-premise
- Cyber Insurance Market, by Service Type
- Wireless security
- Application security
- Network security
- Endpoint security
- Others
- Cyber Insurance Market, by Organization Size
- Large Companies
- Small and Medium Businesses
- Cyber Insurance Market, by Application
- Government
- IT and Telecommunications
- Banking, Financial Services, and Insurance (BFSI)
- Retail
- Healthcare
- Aerospace and Defense
- Manufacturing
- Others
- Cyber Insurance Market, by Geography
North America U.S Canada Mexico
Europe Germany France U.K - Rest of
Europe
Asia Pacific China Japan India - Rest of
Asia Pacific
- ROW
Middle East &Africa Latin America
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