The global Cyber Insurance market is projected to reach at an estimated CAGR of 24% during the forecast period 2018-2022.Technology has become an integral part of our lives especially with the development in this particular sector. From manmade computers to artificial intelligence technology has come a long way. This growth has also resulted to various threats, cyber threats being one among. Now the recent banks and Insurance have initiated Cyber security to all the Small, Medium and Large sized companies. At present this market is at a growing stage but will eventually pick up in the coming years.
What is Cyber Insurance?
Cyber Insurance is also termed as cyber risk insurance or cyber liability insurance coverage which is designed to help the organization to reduce the risk exposure by neutralizing the costs involved with recovery from a cybersecurity breach. The most common risk that is insured is data breach. Cyber insurance includes indemnifications from law suits related to data breach such as technological errors and omissions.
What are the reasons for a Cyber Insurance?
In the present world, businesses are able to reach out to their client and maintain their relations with customers only through the use of Social media and technologies. This has led to many cyber security breaches because the technologies that we use are so vulnerable .Any company which does transactions through online or uses technologies for storing or maintaining data should be insured. One good reason to be insured as it provides first party coverage for the losses such data destruction, extortion, theft or hacking.
Market Research and Market Trends of Cyber Insurance:
- At-Bay provides cyber insurance for the digital age that empowers us to use technology fearlessly. The company was established with the purpose to provide insurance and services enabling companies to innovate in spite of continuous threat of cyber risk. It has provided a funding of $19M
- The current demand for cyber insurance is largely seen in US, but the evolution in cyber attack and with the increase in privacy regulations in European nations and China will become the driving factor for the growth of the cyber insurance market.
- Coalition, the leading technology enabled cyber insurance , has announced the first cyber insurance offering mainly designed to address emerging risk faced by real estate developers, property managers and other business related to real estate
Who are the Major Players Cyber Insurance Market?
The companies referred in the market research report are XL Catlin Group Limited ,American International Group, Axis Holding capitals , GSK Insurance and 10 other companies.
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