DUBLIN--(BUSINESS WIRE)--The "Global Cybersecurity Insurance Market Size, Share & Industry Trends Analysis Report By Component, By Insurance Coverage, By Insurance Type, By Organization Size, By End User, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Cybersecurity Insurance Market size is expected to reach $32.6 billion by 2028, rising at a market growth of 18.8% CAGR during the forecast period.
Key Market Players
- Cisco Systems, Inc.
- Microsoft Corporation
- Check Point Software Technologies Ltd.
- Accenture PLC
- FireEye, Inc.
- SentinelOne, Inc.
- UpGuard, Inc.
- CYE (Cyesec Ltd.)
- BlackBerry Limited (CYLANCE)
- BitSight Technologies, Inc.
Cybersecurity insurance plays an important role in banking and financial institutions. Throughout the forecast period, the sector is anticipated to control a sizable portion of the market. Identity fraud is common there and it is one of the businesses that is tightly controlled and governed, which drives up demand.
The landscape of every nation's essential infrastructure and business networks is evolving as a result of improvements in information technology, communication technologies, and the smart energy grid. However, as technology advances quickly, so do the hazards that accompany it.
Personal information is valuable, cybercriminals commit crimes where personal data, including credit card numbers, identities, medical records, and other details, is sold on the dark web. It is one of the few things that have caused the demand for cybersecurity to rise. One of the most quickly expanding recent technologies is cloud computing, which has helped to break down traditional IT borders, open up new markets, fuel the mobility movement, and enhance unified communications. To reduce the risks associated with maintaining sensitive data in the current cybersecurity scenario, a variety of IT stakeholders and companies are turning to innovative insurance models.
A wider variety of security controls and technologies is expected to be considered by insurers as the market for cybersecurity insurance continues to develop. As a result, the degree of data sensitivity and an organization's capacity to sufficiently disguise it will be crucial in evaluating the overall risk, which is what is motivating the adoption of new technologies like microsharding. To limit the attack surface and remove data sensitivity, microsharding technology divides data into units as small as one-digit bytes before distributing shards to various locations.
Market Growth Factors
Use Of Blockchain Technology With Artificial Intelligence (Ai) For Risk Analysis
Among the most recent hot technologies, AI and blockchain are predicted to give risk analytics solutions increased capabilities and offer up new business opportunities. These technologies' integration with risk analytics programs is expected to help cybersecurity insurance companies with some of their most pressing problems. The development of modern technologies enables quicker transactions and settlements, making it easier for financial institutions and their clients to perform transactions while removing the need for middleman fees. To analyze claims, manage reserves, and provide policy coverage, risk analytics solutions are crucial.
Cyber Liability Insurance Benefits
Organizations are legally required to notify impacted parties in the case of a breach. This may increase the entire cost of a data breach, especially when it comes to security updates, identity theft protection for those affected by the breach, and defense against potential legal action. User data is expected to be protected from cyber criminals by the coverage provided by cyber liability plans for these exposures. compensation for business loss due to disruption. An IT breakdown brought on by a cyberattack can disrupt corporate operations and cost organizations money and time.
Market Restraining Factors
Rising Expenses For Cybersecurity Insurance
One of the main things preventing the cybersecurity insurance market from expanding is the higher price of cybersecurity insurance. Due to the ransomware assaults over the past two to three years, insurance firms have been forced to pay out hefty claims. The expense of recovering the compromised system is substantial, even if the cybersecurity insurance firms do not pay the ransom. To compensate for the increased costs resulting from the extra services, such as aid with data recovery following a ransomware attack, cybersecurity insurance firms are raising the coverage rates.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2018, Feb - 2022, Apr) Leading Players
Chapter 4. Global Cybersecurity Insurance Market by Component
Chapter 5. Global Cybersecurity Insurance Market by Insurance Coverage
Chapter 6. Global Cybersecurity Insurance Market by Insurance Type
Chapter 7. Global Cybersecurity Insurance Market by Organization Size
Chapter 8. Global Cybersecurity Insurance Market by End User
Chapter 9. Global Cybersecurity Insurance Market by Region
Chapter 10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/27v90q
