Cyber Insurance Market Will BE Dominated by BFSI Sector
The total revenue generated by the cyber insurance market was USD 11,904.6 million in 2022, and it will grow at a rate of 19.1% by the end of this decade, to reach USD 48,328.4 million by 2030, as stated by a market research institution, P&S Intelligence.
This industry growth has a lot to do with is ascribed to the increasing count of virus, malware, and other attacks on IT networks, the increasing legislation with regards to cybersecurity, and the implementation of related insurance as a strategy to mitigate risk.
Data breach held the largest share in the recent past. With companies becoming further dependent on digital data, cloud computing, and workforce mobility, cases of breaches of sensitive info have increased exponentially.
Sensitive info of customers and organizations is usually stored on the databases of the company, cloud servers, and local machines which, from time to time, are vulnerable to breaches.
The standalone category held a larger share, about 60%, in 2022. Standalone policies offer organizations the capability to instantaneously compensate first- and third-parties for losses, if and when there is an event of data breech.
These policies compensate the costs insured because of a breach, for example IT forensic costs, costs of data restoration, credit-monitoring costs cyber extortion, and expenses associated with public relations.
Also, these cover an insured’s legal accountability to third parties and direct monetary loss ascending from frauds of social engineering, spoofing, phishing, phreaking, and other IT related frauds.
In the years to come, though, the integrated category will grow faster. Integrated policies are more often than not, purchased by SMEs for covering data breach losses, info replacement and restoration expenses, cyber extortion, and costs of business interruption. With the increase in the count of SMEs globally, the requirement for integrated cyber insurance policies will increase.
BFSI dominated the cyber insurance market, with more than 25%, in 2022, and it this situation will prevail in the years to come as well. BSFI companies have transformed technologically to come to terms with the needs of customers.
North America dominated the industry with about 50% share, in 2022. This is due to the existence of Chubb Group Holdings Inc., American International Group Inc. and Lockton Incorporated.
Also, the increased emphasis on the legal framework regarding cybersecurity expansion of related government policies are other factors helping the evolution of the market. Compulsory legislation regarding the security of IT infra in some states in the U.S. and the increasing acceptance of these policies amongst SMEs have led to the increased acceptance of insurance policies.
It is because of the increasing number of cyberattacks, the demand for cyber insurance will continue to grow in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/cyber-insurance-market
The total revenue generated by the cyber insurance market was USD 11,904.6 million in 2022, and it will grow at a rate of 19.1% by the end of this decade, to reach USD 48,328.4 million by 2030, as stated by a market research institution, P&S Intelligence.
This industry growth has a lot to do with is ascribed to the increasing count of virus, malware, and other attacks on IT networks, the increasing legislation with regards to cybersecurity, and the implementation of related insurance as a strategy to mitigate risk.
Data breach held the largest share in the recent past. With companies becoming further dependent on digital data, cloud computing, and workforce mobility, cases of breaches of sensitive info have increased exponentially.
Sensitive info of customers and organizations is usually stored on the databases of the company, cloud servers, and local machines which, from time to time, are vulnerable to breaches.
The standalone category held a larger share, about 60%, in 2022. Standalone policies offer organizations the capability to instantaneously compensate first- and third-parties for losses, if and when there is an event of data breech.
These policies compensate the costs insured because of a breach, for example IT forensic costs, costs of data restoration, credit-monitoring costs cyber extortion, and expenses associated with public relations.
Also, these cover an insured’s legal accountability to third parties and direct monetary loss ascending from frauds of social engineering, spoofing, phishing, phreaking, and other IT related frauds.
In the years to come, though, the integrated category will grow faster. Integrated policies are more often than not, purchased by SMEs for covering data breach losses, info replacement and restoration expenses, cyber extortion, and costs of business interruption. With the increase in the count of SMEs globally, the requirement for integrated cyber insurance policies will increase.
BFSI dominated the cyber insurance market, with more than 25%, in 2022, and it this situation will prevail in the years to come as well. BSFI companies have transformed technologically to come to terms with the needs of customers.
North America dominated the industry with about 50% share, in 2022. This is due to the existence of Chubb Group Holdings Inc., American International Group Inc. and Lockton Incorporated.
Also, the increased emphasis on the legal framework regarding cybersecurity expansion of related government policies are other factors helping the evolution of the market. Compulsory legislation regarding the security of IT infra in some states in the U.S. and the increasing acceptance of these policies amongst SMEs have led to the increased acceptance of insurance policies.
It is because of the increasing number of cyberattacks, the demand for cyber insurance will continue to grow in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/cyber-insurance-market
Cyber Insurance Market Will BE Dominated by BFSI Sector
The total revenue generated by the cyber insurance market was USD 11,904.6 million in 2022, and it will grow at a rate of 19.1% by the end of this decade, to reach USD 48,328.4 million by 2030, as stated by a market research institution, P&S Intelligence.
This industry growth has a lot to do with is ascribed to the increasing count of virus, malware, and other attacks on IT networks, the increasing legislation with regards to cybersecurity, and the implementation of related insurance as a strategy to mitigate risk.
Data breach held the largest share in the recent past. With companies becoming further dependent on digital data, cloud computing, and workforce mobility, cases of breaches of sensitive info have increased exponentially.
Sensitive info of customers and organizations is usually stored on the databases of the company, cloud servers, and local machines which, from time to time, are vulnerable to breaches.
The standalone category held a larger share, about 60%, in 2022. Standalone policies offer organizations the capability to instantaneously compensate first- and third-parties for losses, if and when there is an event of data breech.
These policies compensate the costs insured because of a breach, for example IT forensic costs, costs of data restoration, credit-monitoring costs cyber extortion, and expenses associated with public relations.
Also, these cover an insured’s legal accountability to third parties and direct monetary loss ascending from frauds of social engineering, spoofing, phishing, phreaking, and other IT related frauds.
In the years to come, though, the integrated category will grow faster. Integrated policies are more often than not, purchased by SMEs for covering data breach losses, info replacement and restoration expenses, cyber extortion, and costs of business interruption. With the increase in the count of SMEs globally, the requirement for integrated cyber insurance policies will increase.
BFSI dominated the cyber insurance market, with more than 25%, in 2022, and it this situation will prevail in the years to come as well. BSFI companies have transformed technologically to come to terms with the needs of customers.
North America dominated the industry with about 50% share, in 2022. This is due to the existence of Chubb Group Holdings Inc., American International Group Inc. and Lockton Incorporated.
Also, the increased emphasis on the legal framework regarding cybersecurity expansion of related government policies are other factors helping the evolution of the market. Compulsory legislation regarding the security of IT infra in some states in the U.S. and the increasing acceptance of these policies amongst SMEs have led to the increased acceptance of insurance policies.
It is because of the increasing number of cyberattacks, the demand for cyber insurance will continue to grow in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/cyber-insurance-market
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