According to the market research report “Cyber Insurance Market: By Organization Size (Small and Medium Enterprises (SMES), Large Enterprises), By Types of Coverage (First-Party and Third-Party), By Industry Vertical (Healthcare, Transportation, Retail, Information Technology and Services, Financial Services, Power Generation, Infrastructure and Others) & Geography – Forecast (2017-2023)”, published by IndustryARC, estimates that companies headquartered in Asia-Pacific will be the key growth growth drivers till 2023.
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The Cyber Insurance Market will look back on 2017 and probably consider it as its ‘coming-of-page’ period. Until now, the market for cyber security insurance was either immature or largely ignored by almost everyone. This was especially true when it was compared to its insurance cousins like property or casualty, which have been practised in some form or the other for quite some time. In some cases, companies have simply decided not to take up the best cyber security practices, and in others they disregarded cyber insurance due to a misguided fear that their claims might not be covered even if they fell prey to a cunning cyber-attack. Even among developed nations there is a real lack of awareness regarding the fact that cyber risk management can offer timely solutions to insure against data breaches. Thus, the Cyber Insurance Market is perfectly positioned to enjoy sustained success till 2023 and even beyond that.
Scope & Regional Forecast of the Cyber Insurance Market
Cyber security needs are currently at an all-time high as WannaCry and Petya have pulled away the veil of ignorance. Whether it is North Korea or just good old greedy hackers, cyber security risks seem to be everywhere and companies are actively updating their digital infrastructure on a regular basis. Cyber insurance providers have been further encouraged by the fact that a cyber risk or threat could derail billion dollar M&A (merger and acquisition). For example, when Verizon was in talks to acquire Yahoo, the latter reported a data breach which led to drop of $350 million in its eventual valuation.
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The Cyber Insurance Market is even exploring unexpected avenues in its search to defend against cybercrimes. With internet security suites being a thing of the past, artificial intelligence is the buzzword as companies are actively looking to leverage this advanced piece of technology to improve their defences. IBM’s Watson and Amazon Machine Learning are already being utilized as predictive modelling tools as well as to provide a fair assessment of a particular organization’s cyber security apparatus or cyber risk. Currently, North America holds the highest share in the Cyber Insurance Market, but Asia-Pacific’s rapidly growing companies are expected to be key growth drivers during the next decade.
Segmentations & Key Players Involved in the Cyber Insurance Market
The Cyber Insurance Market can be broken down into various segmentations on the basis of –
Organizational Size: Small and Medium Enterprises (SMES) and Large Enterprises.
Types of Coverage: First-Party Coverage (Crisis Management, Cyber Extortion, Data Asset Protection, Network Business Interruption) and Third-Party Coverage (Network Security Liability, Privacy Liability).
Industry Vertical: Healthcare, Transportation, Financial Services, Retail, Information Technology and Services, Power Generation, Infrastructure and Others.
Geography: North America, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Cyber Insurance Market are as follows:
Travelers Companies Inc.
CNA Financial Corp.
Allied World Assurance Co.
Liberty Mutual Group
BCS Insurance Company
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