Knowledge Sourcing Intelligence announces the publication of a new report on “Global Cyber Insurance Market - Forecasts from 2020 to 2025” to their giving.
The rising adoption of cloud-based computing infrastructure along with a surge in cybercrime owing to ill intentions is the prime reason driving the growth of the global cyber insurance market.
As per the report, the market about Global Cyber Insurance Market is expected to grow at a significant pace.
Cyber Insurance has become a necessity for entities using modern technology, including cloud-based infrastructure and data centers to store crucial data. Further surging cybercrime is a great concern as it impacts the firm's name, standing, and legal obligations. Moreover, bleach in crucial data such as personal information, bank details, social security details, and others, severely impacts individuals and firms. In February 2018, for example, a group of hackers pilfered the data system of Marriot’s Starwood hotels rubbering details of 500 million people, of which 327 million faced huge financial thefts. Cybercrime causes significant economic loss, which accounted for US$445 billion in the year 2014.
Based on end-users, the BFSI sector faces the highest threat of cybercrime as the industry is growing. In September 2018, the Russian Central Bank’s data was hacked and the US $6 million were purloined using SWIFT international payment messaging systems.
The Small and Medium enterprise is anticipated to dominate the market owing to the growing adoption of cloud-based computing infrastructure. As per the World Bank report, 11% of global SMEs use private cloud services while 17% use public cloud services. Further, supporting government regulations will boost the market.
By geography, the Asia Pacific region and North America region are anticipated to hold a significant share. China, the US, and India are the top 3 cybercrime-prone areas, respectively. Hence, the areas have notable cyber insurance market share.
The coronavirus pandemic had a significant impact on the market, with the rise in the purchase of cyber insurance to avoid or reduce cyber threats.
As a part of the report, the major players operating in the global cyber insurance market, that have been covered are Allianz, Lloyd’s, AXA SA, Zurich Insurance Group Ltd., Aon plc, American International Group, Tokio Marine HCC, Chubb, Lockton Companies, and The Travelers Indemnity Company.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-cyber-insurance-market
This analytics report segments the global cyber insurance market on the following basis: