Cyber Insurance Market worth USD 13.07 Billion by 2023

Cyber Insurance Market Analysis Size, Growth rate and Overview:

According to our research report, the Cyber Insurance Market size is poised to reach USD 13.07 Billion by the end of 2023 from USD XX Billion in 2017 and this market witnessed a growth rate of 26% during the forecast period 2018-2023. With the growing threat to digital capital and the company's constant risk of commercial failure due to cyber-crashes, the market is experiencing the fastest growth among all cyber insurance services. Due to the rapid increase in IT risks associated with new technologies and their associated implementation, it is also expected that the risk consulting market will experience potential growth in the coming years.

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Cyber Insurance Market Key Drivers, Challenges, and Opportunities:

The increased complexity of cyber risks in the supply chain in recent years has greatly increased many challenges already present in supply chain management. It is one of the key drivers that drive the cybersecurity market in all sectors and accelerate the growth of the global market. When confidential data in the supply chain is violated and exposed, the impact on an organization or company is considerable. Companies face financial fines, loss of consumer confidence, legal costs and lower share prices. The recent cyber-extortion campaign witnessed by international companies on May 12, 2017 has been one of the most significant computer disasters to date, which clearly demonstrates the systemic nature of the cyber risk that prevails in the world. The use of a single vulnerability to spread malware on more than 300,000 computers in more than 150 countries has created an immediate need for cybersecurity among the industries that have wreaked havoc, even in sectors as diverse as healthcare and manufacturing. While many cyber sources covered WannaCry's losses and related attacks, cyber coverage and the cyber insurance market are gaining popularity around the world.

One of the biggest barriers to the growth of the cyber insurance market is the pricing and risk aggregation model for cyber incidents that have resulted in physical damage in the past. The lack of education in business understanding and cyber risk is a barrier to growth in the market, as it results in delayed decisions by the management and operations of all companies.

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Cyber Insurance Market – Regional Presence:

Geographically, Americas was the largest cyber insurance market, accounting for more than 90% of global sales in 2016. It is also expected that this region will remain the largest market during the entire forecast period. In addition, the demand for high-performance cyber security in the Asia-Pacific region has been increased, where countries such as China, Japan and India have been the most affected by many recent cyber-attacks.

The cyber insurance market is moderately competitive, where some global insurance players are currently enjoying monopoly in business specific offerings. Some of the major players operating in this industry are American International Group Inc., Chubb Limited, Zurich Insurance Group AG, XL Group Ltd, Berkshire Hathaway Inc., Allianz Global Corporate & Specialty SE, and Munich Re Group.

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