Rising Number of Cyber Attacks is Likely to Foster the Growth of Global Cyber Liability Insurance Market, according to our research report Global Cyber Liability Insurance Market Outlook 2023.
The market of cyber liability insurance is expected to grow substantially over the forecast period on the back of growing awareness towards the cyber-attacks and rising need for cyber security in large enterprises and public agencies. Geographically, North-America region is expected to account the largest market share in overall cyber liability insurance market. However, Asia-Pacific region is expected to showcase tremendous growth over the forecast period on the back of increasing business activities and rising concern towards cyber-attacks and data breach. The global market of cyber liability insurance accounted for USD 2.2 Billion in 2015 and expected to mark a double digit growth rate over the forecast period. Further, the market is expected to register a stupendous CAGR of 11.12% over the forecast period i.e. 2016-2023.
Increasing Cyber Attacks
Increasing advancement in IT sector has simultaneously increased the risk of cyber threats and breaches across the globe. Rising number of cases related to cyber breach including network security violation, fraudulent access, cyber extortion, improper collection of digital data, privacy violations and many more are increasing the loss of business and enterprises across the globe. The enterprises are adopting cyber liability insurance services to maintain the continuity of business and to reduce the risk of cyber breach.
Rising web based services
Rapid expansion of web based services and diversity in web-based services is making it more unsafe and increasing the risk of cyber threats. Increasing number of technology and web-based start-ups with small funding are the major feed for the cyber hackers due to absence of sufficient security of internet. Rising concern towards cyber breach and availability of cyber liability insurance services are expected to trigger the growth of this industry.
Although, high cost of cyber liability insurance services and lack of service vendors across the globe are some of the key factors which are hindering the market of cyber liability insurance. Presence of complexities in insurance coverage and slow adoption of these services in small and medium enterprises are likely to curb the growth of cyber liability insurance industry in near future.
The report titled “Global Cyber Liability Insurance Market Outlook 2023” delivers detailed overview of the Global Cyber Liability Insurance Market in terms of market segmentation by coverage type, by end-user type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global Cyber Liability Insurance Market which includes company profiling of Ace Insurance, America International Group, Inc., Beazley PLC, CNA Financial Corporation, Hiscox LTD., Zurich Insurance Group Ltd., Chubb Limited, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global Cyber Liability Insurance Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stake holders to align their market centric strategies according to the ongoing and expected trends in the future.