Cyber Insurance Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-28

Author: Elena Anderson Marketing Manager

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Global Cyber Insurance Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20 23-2028

," the global cyber insurance market size reached US$ 9.8 Billion in 2022.

Cyber insurance is an insurance product designed to protect businesses against the potentially devastating effects of cybercrimes, including malware, ransomware, and distributed denial-of-service (DDoS) attacks. It prevents the compromise of network and sensitive data such as social security numbers, credit card numbers, account numbers, drivers’ license numbers, and health records by covering the liabilities of the business. Cyber-attacks harm businesses by disrupting businesses, resulting in regulatory fines, legal penalties and attorney fees, loss of intellectual property, and reputational damage. As a result, cyber insurance has widely been adopted by organizations to offer coverage for physical damage to hardware and business income loss. It also effectively reduces the damage caused by a breach and complements the overall cyber risk management plan.

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Global Cyber Insurance Market Trends:

The market is primarily driven by the rising importance of cyber security across the globe. Besides this, the rising awareness about business interruption (BI) cyber risks, coupled with the growing number of mandatory legislation for data security among different end-users, such as banking and healthcare, are propelling the adoption of cyber insurance. Nowadays, government regulatory bodies and law enforcement agencies are taking numerous initiatives to tighten data security and protection. For instance, a US state assembly has introduced a bill to make cybersecurity insurance mandatory to regulate and protect the personal information of the citizens.

Moreover, various data privacy laws, such as personally identifiable information (PII), European Union (EU) General Data Protection Regulation (GDPR), and the United States health insurance portability and accountability act (HIPPA), are influencing the demand for cyber insurance across the globe. In addition to this, increasing digitization and the development of AI and blockchain technology are also opening new growth avenues for the market.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/cyber-insurance-market

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Key Market Segmentation

The research report includes the following segments:

Breakup by Component:

• Solution

• Services

Breakup by Insurance Type:

• Packaged

• Stand-alone

Breakup by Organization Size:

• Small and Medium Enterprises

• Large Enterprises

Breakup by End Use Industry:

• BFSI

• Healthcare

• IT and Telecom

• Retail

• Others

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

• Allianz Group

• American International Group Inc

• AON Plc

• AXA XL

• Berkshire Hathaway Inc

• Chubb Limited (ACE Limited)

• Lockton Companies Inc

• Munich ReGroup or Munich Reinsurance Company

• Lloyd's of London

• Zurich Insurance Company Limited

1. What was the size of the global cyber insurance market in 2022?

2. What is the expected growth rate of the global cyber insurance market during 2023-2028?

3. What are the key factors driving the global cyber insurance market?

4. What has been the impact of COVID-19 on the global cyber insurance market?

5. What is the breakup of the global cyber insurance market based on the component?

6. What is the breakup of the global cyber insurance market based on the insurance type?

7. What is the breakup of the global cyber insurance market based on the organization size?

8. What is the breakup of the global cyber insurance market based on the end use industry?

9. What are the key regions in the global cyber insurance market?

10. Who are the key players/companies in the global cyber insurance market?

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