You are here
Cyber Insurance Market Industry Survey, Market Size, Competitive Trends Forecast by 2023
The cyber insurance market is progressing due to the increasing criminalization of the internet, significant cyber-attack risk to the supply chain, and strict regulations regarding cyber security.
The cyber insurance market is progressing due to the increasing criminalization of the internet, significant cyber-attack risk to the supply chain, and strict regulations regarding cyber security. The market valued at $3,416.4 million in 2016, and it is projected to grow at an over 20.0% CAGR during the forecast period (2017–2023). Cyber insurance helps minimize the damage caused by internet-based risks, generally relating to the information technology (IT) infrastructure and activities. Cyber insurance policies include first-party coverage against extortion, denial of service (DoS) attacks, data destruction, theft, and hacking.
Request to get the report sample pages at : https://www.psmarketresearch.com/market-analysis/cyber-insurance-market/report-sample
DoS attacks, which attempt to deter legitimate users from accessing the information system, are trending in the cyber insurance market. The major purpose of these attacks is to disrupt the revenue generation channel. They have impacted many big and small businesses, such as Dyn, a service provider, which was impacted by the distributed denial of service (DDoS) attack in October 2016. It affected renowned websites, including those of The New York Times, Twitter, Spotify, Netflix, and Airbnb. By understanding the latest trends in DoS attacks and monitoring the threats, cyber insurance providers are safeguarding businesses.
The key factor driving the cyber insurance market is the implementation of mandatory legislations regarding cyber security. With the increasing volumes of offline and online data, data privacy and protection are becoming a cause for worry in emerging economies. While the European Union is planning to come up with pan-European data protection rules and regulations, countries such as Australia, Singapore, and the U.S. have already implemented stronger legislations. To survive in the cyber-risk prone environment, cyber insurance is becoming imperative for businesses.
Another factor contributing to the cyber insurance market growth is the rising cyber-attack risk to supply chains. An enterprise or organization is greatly impacted with the breaching of sensitive data in the supply chain, resulting in loss of consumer confidence, drop in the stock price, financial penalties, and heavy legal expenses. Using risk management services, cyber insurers are developing new ways to deal with supply chain risks to keep up with the dynamic environment.
Explore Full Report With TOC: https://www.psmarketresearch.com/market-analysis/cyber-insurance-market
The cyber insurance market, based on enterprise size, is subdivided into large and small and medium enterprises (SME). Due to sufficient funds and high purchasing power of large enterprises, they led the market throughout the historical period (2013–2016). SMEs hesitate in buying cyber insurance due to the generally high premiums of such policies. This is also why large enterprises will still be the bigger market for cyber insurance during the forecast period.
Therefore, the market is expected to progress owing to the increasing risk to enterprises from cyber-attacks.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.