The Trend of Cyber Insurance Market
Global cyber insurance market size forecasted to reach $16,970 million by 2023, it will grow over 20% CAGR during 2017-2023, P&S Intelligence.
Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.
Insights on market segments
The cyber insurance market is categorized on the basis of enterprise size, service, and industry. Large enterprises led the cyber insurance market in terms of size, due to their high purchasing power and the availability of sufficient funds for risk insurance. Since the premiums for cyber insurance are very high, SMEs refrain to buy expensive covers because of their limited budget constrains over cyber risk management.
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Among all the industries, banking financial services and insurance (BFSI) had been the largest consumer for cyber insurance market as these companies are more prone to cyber-attacks. The BFSI industry contributed more than 35% of the global market share in 2016. The market will be witnessing the fastest growth in retail and manufacturing industries, during the forecast period, due to numerous cyber challenges and risks present in the industry, such as digital supply chain management and online operations.
Increasing criminalization of the internet accelerating the global market growth
Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups in order to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to an increase in the awareness of and interest in cyber insurance, thereby escalating the growth of cyber insurance market, globally.
Moderate competition in the industry
The global cyber insurance industry is moderately competitive with players developing new strategies to reach their customers in the most effective and efficient way. 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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