Increasing number of retail and finance services due to ease of doing business policies in various regions across the globe is increasing the risk of cyber breaches and cyber threats. Rising small enterprises with lack of security protection of web services is increasing the number of cases related to cyber breach
Cyber liability insurance is introduced to cover business liability from data breach and other cyber threats. Cyber insurance helps to protect the business in the event of a data breach or other cyber threat.
The business environment is changing across the globe on account of rising number of startups and increasing penetration of internet services. The advancement in web services and improvement in software systems are shifting the business towards digitization.
Rapid adoption of web integrated services and introduction of business process automation in large and small enterprises are consecutively increasing the risk of cyber breach and threats. Small companies are providing web services to their customers which have high risk of cyber threat due to absence of security structures in the business.
Cyber liability insurance ensures the security of customer’s personal information as well as the confidential details of the company. Small and medium enterprises are adopting these services to minimize the risk of cyber threats.
Global Cyber Liability Insurance Market is expected to flourish at a CAGR of 11.1% over the forecast period. Moreover, the global cyber liability insurance market was held at a valuation of USD 2.2 Billion in 2015.
Increasing cyber-attacks in retail, wholesale, healthcare, financial services and other industries are believed to the dynamic factor behind the growth of cyber liability insurance market during the forecast period.
Geographically, the maximum number of cyber-attacks has been seen in North-America in 2014. Total number of 7,501 cyber-attacks has been registered in the U.S.
only while 245 cyber-attacks including digital and data breach has been registered in Canada in 2014. Increasing number of cyber-attacks in North-America region and growing awareness towards cyber liability insurance are some of the major factors which are expected to foster the market growth of this region.
North-America accounted the largest market share in cyber liability insurance market across the globe in 2015 and is expected to maintain its dominance over the forecast period i.e. 2016-2023.
Increasing Cyber Attacks across the Globe
On the other hand, Europe is expected to be the second largest region present with highest number of cyber-attacks. Rising business activities and adoption of web based services across the Europe region is also increasing the risk of privacy violations and theft of personal information.
In order to minimize the cyber-attacks and to prevent the confidential and personal information, enterprises are shifting towards cyber liability insurance services.
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Favourable Government Policies
On the other hand, huge funding from government authorities to upgrade the public agencies has led these agencies towards the adoption of cyber liability insurance. The cyber liability insurance providers enable the services to reduce the presence of business interruption on web based business.
Moreover, growing IT sector across the globe and continuous advancements in web-based services and internet security are some of the factors which are bolstering the growth of cyber liability insurance market.
Although, slow adoption of cyber liability insurance by small and medium enterprises, unavailability of diversified insurance policies and complexities associated with cyber insurance are some of the factors that are likely to inhibit the growth of the global cyber liability insurance market in the near future.
The report titled “Cyber Liability Insurance Market : Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global cyber liability insurance market in terms of market segmentation by coverage, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global cyber liability insurance market which includes company profiling of Chubb Limited, America International Group, Inc., Beazley PLC, CNA Financial Corporation, Hiscox Limited, Zurich Insurance Group Ltd., XL Group Ltd, Berkshire Hathaway Specialty Insurance, Allianz and Munich Re Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global cyber liability insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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