Global Cyber Liability Insurance Market Overview
Cyber liability insurance is introduced to cover business liability from data breach and other cyber threats. Cyber insurance helps to protect the business in the event of a data breach or other cyber threat. The business environment is changing across the globe on account of rising number of startups and increasing penetration of internet services. The advancement in web services and improvement in software systems are shifting the business towards digitization. Rapid adoption of web integrated services and introduction of business process automation in large and small enterprises are consecutively increasing the risk of cyber breach and threats. Small companies are providing web services to their customers which have high risk of cyber threat due to absence of security structures in the business. Cyber liability insurance ensures the security of customer’s personal information as well as the confidential details of the company. Small and medium enterprises are adopting these services to minimize the risk of cyber threats.
On the other hand, huge funding from government authorities to upgrade the public agencies has led these agencies towards the adoption of cyber liability insurance. The cyber liability insurance providers enable the services to reduce the presence of business interruption on web based business. Moreover, growing IT sector across the globe and continuous advancements in web-based services and internet security are some of the factors which are bolstering the growth of cyber liability insurance market.
Market size and forecast
The global cyber liability insurance market marked revenue of USD 2.2 Billion in 2015 and the market is expected to reach USD 4.6 Billion by 2023. Further, the market is projected to register a CAGR of 11.12% during the forecast period 2016-2023 globally.
Geographically, the maximum number of cyber-attacks has been seen in North-America in 2014. Total number of 7,501 cyber-attacks has been registered in the U.S. only while 245 cyber-attacks including digital and data breach has been registered in Canada in 2014. Increasing number of cyber-attacks in North-America region and growing awareness towards cyber liability insurance are some of the major factors which are expected to foster the market growth of this region. North-America accounted the largest market share in cyber liability insurance market across the globe in 2015 and is expected to maintain its dominance over the forecast period i.e. 2016-2023.
On the other hand, Europe is expected to be the second largest region present with highest number of cyber-attacks. Rising business activities and adoption of web based services across the Europe region is also increasing the risk of privacy violations and theft of personal information. In order to minimize the cyber-attacks and to prevent the confidential and personal information, enterprises are shifting towards cyber liability insurance services.
Our in-depth analysis segmented the global cyber liability insurance market in the following segments:
Global Cyber Liability Insurance Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Increasing number of retail and finance services due to ease of doing business policies in various regions across the globe is increasing the risk of cyber breaches and cyber threats. Rising small enterprises with lack of security protection of web services is increasing the number of cases related to cyber breach. Further, due to increasing cyber breach and growing awareness towards the cyber liability insurance are some of the major factors which are driving this industry across the globe. Likewise, rising cyber-attacks in retail, wholesale, healthcare and many more industries has increased the demand in these end-user industries in order to reduce the cyber-attacks. Moreover, increasing computer fraud and cyber extortion due to dearth of security for internet services is further increasing the demand from end-use industries across the globe. However, 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. Apart from this, 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 key players of global cyber liability insurance market as follows:
Scope and Context
Overview of the Parent Market
The Global Cyber Liability Insurance Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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