Trending Cyber Insurance Market Analysis with 2022 Forecasts Research Report
Latest market research report on “Cyber Insurance Market by Company size, Small, Mid-size & Large, Industry vertical” available with OrbisResearch.com.
DALLAS, TEXAS, UNITED STATES, March 7,2017 /EINPresswire.com/ -- Cyber insurance market is set to grow as an outcome of an increase in data breach incidences in past 2-3 years. These attacks escalate in intensity and frequency, and pose a threat to individuals, organizations, and countries. Cyber-attacks have adverse impact on businesses such as declining customer base, disruption of business, regulatory fines, legal penalties & attorney fees, loss of intellectual property, and reputational damage.
In the year 2014, there was increased number of cybercrimes with similar repercussions. Business houses such as Home Depot, Sony Entertainment, and Target had experienced data breaches that required them to pay billions of USD to cover the cost of damage. Similarly, financial institutions such as JP Morgan Chase, were also affected more severely, and had to pay huge amount to cover losses. To cater to the same, the stakeholders within the cyber insurance industry use approaches to educate consumers about the losses incurred due to cyber-attacks and stratagems to cope with them. For instance, Cyber liability insurance, which is available since last ten years, tends to protect business data from such cyber-attacks.
Cyber insurance industry provides insurance products to mitigate risks and associated cost incurred due to cyber-attacks. BFSI, healthcare, and retail sector are the most targeted sectors, witnessing an increase in incidences of information and identity theft, scams, and frauds. However, in the recent years, other industries such as manufacturing, construction, sports & gaming, entertainment, and education have also come under threat from cyber-attacks.
Cyber insurance market growth is aided by a numerous factors. The prime factors include increase in awareness regarding cyber risks and mandatory legislations regarding cyber security in major countries, such as U.S., UK, South Korea, and Australia. In addition, rise in awareness regarding business interruption (BI) risks and related insurance products is also expected to drive the cyber insurance market. However, as this industry is complex and changes regularly, lack of standardized policies and evolving perils are projected to limit the market growth.
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