Cyber Insurance Market Worth $ 32.47 Billion, Globally, by 2027 at 23.76% CAGR: Verified Market Research
JERSEY CITY, N. J., Nov. 30, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Cyber Insurance Market by Deployment Model (Cloud-based, On-premise), by Service Type (Wireless security, Application security, Network security, Endpoint security), by Organization Size (Large Companies, Small and Medium Businesses), by Application (Government, IT and Telecommunications, Banking, Financial Services, and Insurance (BFSI), Retail, Healthcare, Aerospace and Defense, Manufacturing), Geography". According to Verified Market Research, the Global Cyber Insurance Market was valued at USD 5.95 Billion in 2019 and is projected to reach USD 32.47 Billion by 2027, growing at a CAGR of 23.76% from 2020 to 2027.
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Global Cyber Insurance Market Overview
Surge in mandatory cybersecurity regulations and legislations regarding cybersecurity to boost demand for insurance protection. The government regulatory bodies and law enforcement agencies worldwide have taken numerous initiatives to tighten data security and protection. With the advent of COVID-19, the need for a cyber-insurance policy has been realized by policyholders, brokers, insurers, and agents. For example, in February 2020, the Californian assembly introduced a bill to make cyber insurance mandatory to process regulated and protected personal information for all state contractors. The rise in data privacy laws such as the Personally Identifiable Information (PII) and the Health Insurance Portability and Accountability Act (HIPAA) in the US, the global standard, Payment Card Industry Data Security Standard (PCI DSS), and the European Union's (EU) General Data Protection Regulation (GDPR) are persuading insurance providers to focus on cyber insurance measures. The increasing digitization has led to a tremendous growth in the rate of cyberattacks, more so during the COVID-19 pandemic. Hence, complex governance requirements and regulations in data security are expected to drive the adoption of the cyber insurance market in future. The major players in the market are IBM Corporation, Sophos, Trend Micro, Cisco Systems, HPE, Fortine, Chec Point Software Technologies Ltd., Juniper Networks, Inc, Symantec Corporation.
Verified Market Research has segmented the Global Cyber Insurance Market on the basis of Deployment Model, Service Type, Organization Size, Application, and Geography.
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