Global Cyber Security Insurance Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027 at a CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Cyber Security Insurance Market is an agreement that an individual or entity can purchase to help decrease the financial risks associated with doing business online. In exchange for a monthly or quarterly fee, the insurance policy transfers some of the risks to the insurer. Many businesses obtaining Cyber Security Insurance Market policies to cover extra expenses that could result from the physical destruction or theft of digital assets. Such expenditures typically include the cost of notifying clients that a security breach has incurred, as well as the cost of regulatory compliance fines.
MarketHealthcare segment is expected to hold a significant share of the market studied .Because of data proliferation, healthcare is developing as a significant market for the global Cyber Security Insurance market. Digitization has exponentially improved the volume and speed of healthcare data generation. As much as 80% of the data generated by the healthcare industry is likely to be ion the cloud by 2026.
According to the HIPAA report, 2018 observed a 157.67% year-over-year surge in the number of exposed healthcare records in the United States.
Healthcare Workforce Survey on cyber security found that almost 18% of healthcare employees were willing to sell confidential data to unauthorized parties, for as little as USD 500 to USD 1,000. This has improved the need for internal cyber security as an instant solution.
As per the primary research conducted by us , 69% of the patients expressed that they prefer getting medical care without visiting the hospital. The telemedicine market is expected to grow at a healthy rate, since more insurance companies are now offering coverage for these visits as well.
United States to hold the major share in the North American region .The United States is the largest market for cyber security insurance. Moreover, the country has a strong foothold of Cyber Security Insurance Market vendors, which adds to the growth of the market. Some of them include XL Group Ltd, American International Group Inc., Berkshire Hathaway Inc., Security Scorecard, and Lockton Companies Inc., among others. The growth in the number of data breaks is pushing many organizations to take Cyber Security Insurance Market policies. For example, Equifax, one of the largest credit agencies in the country, in 2017, suffered a breach that affected approximately 143 million consumers. JPMorgan also observed one of the biggest bank breaches in history, as hackers got access to the financial information of 3,500 customers.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by solution type, end user, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cyber Security Insurance market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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Scope of Global Cyber Security Insurance Market
Global Cyber Security Insurance Market, By Organization Size
• Small and Medium Enterprises (SMEs)
• Large Enterprises
Global Cyber Security Insurance Market, By End User Industry
• IT and Telecom
• Other End-user Industries
Global Cyber Security Insurance Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Cyber Security Insurance Market
• XL Group Ltd
• American International Group Inc.
• Lloyds Bank PLC
• Zurich Insurance Co. Ltd
• The Chubb Corporation
• AON PLC
• Beazley Group
• Lockton Companies Inc.
• Security Scorecard
• Allianz SE
• Munich Re Group
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