The global cyber insurance market can be segmented based on enterprise size and vertical. In terms of enterprise size, the market can be categorized into SMEs and large enterprises. Based on vertical, the global cyber insurance market can be classified into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.
In terms of region, the global cyber insurance market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to account for a major share of the cyber insurance market during the forecast period. This can be ascribed to increase in the number of enterprises and stringent legislations regarding data protection and cyber security in several states in the U.S. has led to higher penetration of cyber insurance policies. The cyber insurance market in Europe is also anticipated to witness strong growth. The European Council has passed policies and regulations regarding data protection and security, which was recently brought into effect. These regulations would induce organizations/businesses to purchase cyber insurance policies. Asia Pacific is expected to be a rapidly growing market for cyber insurance owing to significant increase in ransomware attacks.
Technology has become an integral part of organizations, including recent innovations such as the Internet of Things (IoT), robotics, artificial intelligence, and augmented and virtual reality. This is generating new levels of automation, smart buildings, e-mobility, and even smart cities. However, these developments also create new threats. The insurance industry is playing catch-up with the rapid rise in cyber-related risks. Cyber risk has gained significant interest in the past few years, as it could lead to serious impact on societies and businesses. Cyber insurance helps businesses and individuals to protect from Internet-based risks, and more specifically from risks relating to information technology infrastructure and activities. This type of insurance helps businesses to reduce risk exposure by compensating costs involved with recovery after a cyber-related security breach or such similar events.
Major players in the global cyber insurance market include American International Group, Inc., Lockton Companies, Allianz Global Corporate & Specialty, The Chubb Corporation, Munich Re Group, Zurich Insurance Co. Ltd., XL Group Ltd., Berkshire Hathaway, Lloyds, Inc., and AON plc.
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