The Global Cyber Insurance Market size is expected to reach $21.4 billion by 2025, rising at a market growth of 27.2% CAGR during the forecast period

NEW YORK, Jan. 13, 2020 /PRNewswire/ -- The Global Cyber Insurance Market size is expected to reach $21.4 billion by 2025, rising at a market growth of 27.2% CAGR during the forecast period. The number of companies, both large and small, has grown significantly over the past few years, opting to invest seriously in cyber security services. Many areas of the cyber industry, however, still need improvement to help businesses be fully prepared for cyber-attacks. This is most apparent when companies experience a cyber-incident and lack clarification as to how any economic or commercial damage resulting from the incident can be recovered.

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A cyber insurance policy, also known as cyber risk insurance or cyber liability insurance coverage (CLIC), is intended to help a company mitigate risk exposure by offsetting recovery costs following a cyber-related breach of security or similar event. Technology, social media and Internet purchases play key roles in how most of today's companies conduct business and attract prospective customers. Such vehicles also act as cyber-attack gateways. Cyber-attacks are likely to occur, whether perpetrated by run-of - the-mill hackers, terrorists, insiders, or even nation states, and can cause moderate to severe losses to large and small enterprises. Organizations frequently have to determine what risks to prevent, accept, control or transfer as part of a risk management strategy.

Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Sized Enterprises. Based on Application, the market is segmented into Banking & Financial Services, IT & Telecom, Healthcare, Retail and Others. The banking and financial services applications segment recorded the dominant market share in 2018. As a result of increasing monetary operations, it has grown as a core industry. It is prone to a higher number of incidents in hacking like large-scale fraud, breaches, and heists. Banking and financial services protection is a matter of concern as these services are known as the foundation of economies. Over the forecast period, the healthcare application segment is expected to grow at the highest CAGR. Digital vulnerabilities have been generated by rapid digitalization in the healthcare sector to allow easy access to customer data. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Aon Plc., American International Group, Inc. (AIG), Allianz Group, Berkshire Hathaway, Inc., Lockton Companies, Inc., Chubb Limited, Munich Re Group, AXA XL SA, Zurich Insurance Group and Lloyd's Group of London Ltd.

Recent strategies deployed in Cyber Insurance Market

Collaborations, Partnerships, and Agreements:

Jun-2019: Aon collaborated with CyberCube, a leading provider of cyber risk analytics for (re)insurance industry. The collaboration is aimed at delivering innovative cyber (re)insurance solutions to its insurance carrier prospects and clients through integrating CyberCube in Aon's CyberMetrica platform.

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