New York, June 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cybersecurity Insurance Market by Component, Type, Coverage, Organization Size, End User, and Region – Global Forecast to 2027” – https://www.reportlinker.com/p05977659/?utm_source=GNW
Awareness of security risks and potential losses due to threats has prompted governments and organizations to increase spending on cybersecurity. Companies around the world are investing heavily in security solutions, and little attention is paid to cybersecurity assurance. The lack of awareness related to the use of cybersecurity insurance to avoid heavy financial losses could be a barrier to the growth of the cybersecurity insurance market.
By insurance coverage, the cyber liability segment is expected to hold a larger market size during the forecast period.
Cyber risk insurance or cyber liability insurance coverage helps an organization cover the cost of recovering from a data breach, virus, or other cyber attacks. Cyber liability insurance covers expenses related to first parties as well as third party claims.
The cybersecurity insurance policy covers certain out-of-pocket expenses such as investigations, business losses, lawsuits and extortion, as well as confidentiality and notification. The growing sophistication of cyberattacks and stringent regulatory mandates are persuading businesses to proactively adopt cybersecurity insurance solutions.
Cyber liability coverage policies can help insurers offer first-party and third-party cyber coverage to prevent the after effects of a security breach that could lead to critical business losses.
Major vendors offering various types of cybersecurity insurance solutions include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others.
By insurance type, the standalone segment is expected to grow with the highest CAGR during the forecast period
With the importance of cybersecurity insurance booming due to the increased frequency of cyber threats, the need for dedicated standalone cybersecurity insurance policies has arisen.
With the need for dedicated cybersecurity insurance policies and to avoid instances of “silent cybersecurity”, standalone cybersecurity insurance policies have gained momentum in the market.
Growing concerns of organizations regarding cyber risks and their sole motive to purchase policies only for protection against cyber risks is driving the growth of the standalone cyber police market.
Asia-Pacific will register the highest growth rate during the forecast period
Asia-Pacific (APAC) includes emerging economies, such as Australia and New Zealand, China, Singapore, and Japan, with a developed security infrastructure. Machine Learning (ML), Internet of Things (IoT), Big Data Analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region.
Asia-Pacific is home to a large number of established small and medium-sized enterprises (SMEs), which are growing at a commendable pace to cater to their large customer base. SMBs are rapidly adopting cybersecurity assurance solutions to manage their enterprise data.
Despite the growing importance of SMEs in this region, they are mostly the most affected by cyberattacks and malware due to budget constraints and resource shortages.
Distribution of primaries
The study contains insights from various industry experts ranging from solution providers to Tier 1 companies. The breakdown of the primaries is as follows:
• By type of business: Level 1: 55%, Level 2: 30% and Level 3: 15%
• By designation: level C – 40%, level D – 25% and others – 35%
• By region: North America – 60%, Europe – 20%, APAC – 12%, Rest of the world – 8%
Technology vendors covered in the Cyber Security Insurance market report include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US) States), Accenture (Ireland), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US) and Founder Shield (US). Insurers covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J.
Gallagher & Co (USA), Travelers Insurance (USA), AXA XL (USA), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (USA) , Fairfax Financial (Canada), Liberty Mutual (USA), Lloyd’s of London (UK), Lockton (USA), Munich Re Group (Germany) and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), States), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US) and Cronus Cyber Technologies (Israel) . These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cybersecurity insurance market.
The market study covers the cyber security insurance market size across different segments. It aims to estimate the market size and growth potential across various segments, including application, service model, security type, organization size, vertical, and region.
The study further includes an in-depth competitive analysis of leading market players along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Purchasing the Report
The report will assist market leaders/new entrants with information on the closest approximations of revenue figures for the global Cybersecurity Insurance market and its sub-segments. This report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan appropriate go-to-market strategies.
Additionally, the report will equip stakeholders with insights to understand the pulse of the market and provide insights into the key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05977659/?utm_source=GNW
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